Japan Government to Sell $10.3 Billion Japan Tobacco Stake

(Bloomberg) Japan’s government said it will sell an about $10.3 billion stake in Japan Tobacco Inc. (2914) to help cover reconstruction costs of the 2011 earthquake in the country’s largest share offering since 2010.
The Ministry of Finance owns about 1 billion shares, or 50 percent, of the cigarette maker and will offer as many as 333.3 million shares, according to a regulatory filing today in Tokyo. Based on today’s closing price of 2,901 yen a share, the stake is worth about 967 billion yen ($10.3 billion). Continued