SCHEDULE 13G/A: BlackRock Reports 6.5% Stake in British American Tobacco
Institutional Ownership Disclosure
BlackRock, Inc. has filed an amended Schedule 13G, reporting a 6.5% beneficial ownership stake in British American Tobacco p.l.c., holding 143,266,873 common shares.
Summary
- BlackRock, Inc. reported beneficial ownership of 143,266,873 common shares of British American Tobacco p.l.c.
- This ownership represents 6.5% of the class of securities.
- BlackRock holds sole voting power over 137,847,520 shares.
- BlackRock holds sole dispositive power over 143,266,873 shares.
- The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
- The filing is an Amendment No. 7 to Schedule 13G.
- The date of the event requiring this filing is stated as September 30, 2025.
Sentiment
Score: 5
Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the issuer's performance or outlook.
Positives
- BlackRock, a major institutional investor, maintaining a significant 6.5% stake in British American Tobacco p.l.c. indicates continued institutional confidence in the company.
- The filing explicitly states that the shares are held in the ordinary course of business and not for the purpose of influencing control, suggesting a stable, passive investment.
Negatives
- The filing does not contain information that would indicate negative aspects of British American Tobacco p.l.c.'s business or financial health.
Risks
- The filing certifies that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer, mitigating the risk of an activist investor seeking to disrupt current management or strategy.
Future Outlook
The filing does not provide any forward-looking statements or guidance regarding British American Tobacco p.l.c.'s business operations or financial performance. It only certifies BlackRock's intent to hold the shares in the ordinary course of business, not for control.
Management Comments
- "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."
Industry Context
This filing reflects a significant institutional investment by BlackRock, one of the world's largest asset managers, in British American Tobacco p.l.c., a major global player in the tobacco industry. Such a substantial passive stake is common for large-cap companies and indicates continued institutional presence in the sector.
Comparison to Industry Standards
- A 6.5% beneficial ownership stake by a major asset manager like BlackRock is a substantial institutional holding, typical for large, established companies within their respective industries, including the tobacco sector.
- This level of ownership by a passive investor generally aligns with standard institutional investment practices for diversified portfolios, rather than an activist approach seen with smaller, more concentrated stakes aimed at specific corporate changes.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Attorney-in-fact for BlackRock, Inc. | N/A (previous Power of Attorney revoked) | Eric Andruczyk, Richard Cundiff, R. Andrew Dickson, III, Spencer Fleming, Laura Hildner, David Maryles, Christopher Meade, Charles Park, James Raby, Daniel Riemer, David Rothenberg, Brenda Schulz (acting severally) | 2025-01-21 | Update and consolidation of authorized signatories for regulatory filings. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Update | BlackRock, Inc. updated its Power of Attorney, appointing several individuals to execute regulatory filings on its behalf and on behalf of its subsidiaries and affiliates. This new power of attorney expressly revokes the one dated April 30, 2023. | 2025-01-21 | Streamlines the process for BlackRock to comply with ownership or control-person reporting requirements by designating specific individuals with the authority to sign necessary documents. |
Stakeholder Impact
- Shareholders: The continued significant, passive institutional ownership by BlackRock may be viewed as a sign of stability and long-term confidence in British American Tobacco p.l.c.
Next Steps
- BlackRock, Inc. will continue to comply with SEC reporting requirements for its beneficial ownership in British American Tobacco p.l.c.
Key Dates
| Date | Description |
|---|---|
| 2023-04-30 | Previous Power of Attorney dated, which was expressly revoked by the new one. |
| 2025-01-21 | Execution date of the new Power of Attorney by BlackRock, Inc. |
| 2025-09-30 | Date of event which requires the filing of this statement. |
| 2025-10-17 | Filing date of the Schedule 13G. |
Keywords
BlackRock, British American Tobacco, BAT, Schedule 13G, Institutional Ownership, Common Stock, Beneficial Ownership, Investment, Passive Investment
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