Battle at Dunhill

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The Independent Online
SHAREHOLDERS in Dunhill Holdings are set for a showdown with the South African Rupert family this week in a battle that threatens the pounds 5bn restructuring of the Richemont luxury goods and tobacco empire, which includes such brands as Rothmans and Cartier, writes Jason Nisse.

Dunhill, 58 per cent owned by the Ruperts, is to be merged with the luxury goods businesses of Luxco into a new company but institutional investors, believed to control more than 10 per cent of Dunhill shares, say the Luxco businesses are being valued too highly and are threatening to block the deal. Johann Rupert, deputy chairman of Rothmans is flying in to try to keep the deal afloat.

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