The Japanese government plans to sell part of its stake in Japan Tobacco, the third-largest tobacco firm in the world, as company investors sold ahead of an offering worth of $10 billion.
Stake shares at Japan Tobacco fell down as much as 5.9% following the announcement of stake sale from the government. The company has been seeing a decline it its shares as equities in the country hover at highest levels in more than 4 years.
According to sources, several banks including underwriters are currently in negotiation about agreements to the deal, which is the largest since the $20.7 billion shares at American International Group Inc. sold by the U.S. Treasury in September 2012.
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