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The boss of British American Tobacco says swapping its London listing for New York would be a “distraction” and is not on the cards.
In a boost for the City, Tadeu Marroco, chief executive of the company behind Lucky Strike and Dunhill cigarettes, ruled out the idea of moving the FTSE 100 group’s main listing to the United States.
Marroco told the Financial Times that a move “would create a lot of internal distraction” and that he was “not sure the benefit would be as obvious as some suggest.”
Stay put: Tadeu Marroco ruled out the idea of moving the main listing of the FTSE 100 group to the United States
BAT shares have plunged by more than a fifth in the past year, giving it a valuation of around £52bn.
But Marroco said his attention is not moving. “I don’t think we should focus on this,” she said.