Cartier maker Richemont to revamp and drop BAT stake

By Katie Reid ZURICH (Reuters) - Swiss firm Richemont , maker of Cartier watches and Piaget jewellery, said it will spin off its stake in British American Tobacco under a revamp prompted by tax changes. Analysts welcomed the move, noting Richemont trades at a discount to peers partly because some investors shun firms which deal in tobacco or alcohol. Richemont, controlled by South Africa’s billionaire Rupert family, will repackage its luxury business as a Swiss-listed company to be called Compagnie Financiere... [read full story]