British American Tobacco Initiates Share Buyback Program

British American Tobacco (BAT) has announced a closed-period share buyback program to reduce its share capital, according to a filing on Monday. The buyback, conducted with UBS London Branch, will continue until July 24. BAT will cancel the repurchased shares. The company committed to paying either 105% of the five-day average market value per share or the highest current independent purchase price, whichever is greater.