Leg­isla­tive risk is back

Finweek English Edition - - Market Place -

News that the US gov­ern­ment may con­sider re­strict­ing ni­co­tine in cig­a­rettes to non­ad­dic­tive lev­els hit Bri­tish Amer­i­can Tobacco (BAT), with its share price drop­ping al­most 10%. Added to this is a probe from the UK’s Se­ri­ous Fraud Of­fice af­ter al­le­ga­tions that bribes were paid to African gov­ern­ments to in­flu­ence tobacco leg­is­la­tion in BAT’s favour. One may have thought leg­isla­tive risk was gone from this sec­tor, but it is not and one can ex­pect more to come in the years ahead.

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