$BATS (-0.24%) is preparing to reduce its stake in the company to $ITC to 25% this week. They currently hold 29.03% and are therefore the largest shareholder, which they would still be after the reduction. The proceeds will be used to reduce debt and buy back shares. With the 25%, BAT still retains a veto right.

The sale of the ~4% makes sense. It makes no difference whether BAT holds 29% or 25%, I think the debt reduction and especially the share buybacks (if you are valued so favorably) are very good.