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Imperial Tobacco Group offers €11.52bn for Altadis

Imperial Tobacco Group offers €11.52bn for Altadis
# 15 March 2007 14:56 (UTC +04:00)
Imperial Tobacco Group made a long-anticipated move for its Franco-Spanish rival Altadis SA, valuing the maker of Gauloises and Fortuna cigarettes at €11.5bn.
Europe’s fourth-largest tobacco company said in a statement that its board will meet in coming days to discuss the offer, which is not binding.
Altadis said the approach "to combine both groups" is subject to due diligence, estimated to last not more than three weeks.
The offer would be conditioned upon Altadis’ board recommending the offer once it gets regulatory clearance. It would also hinge on obtaining financing, and on obtaining acceptances from 80 percent of Altadis’ shareholders.
Imperial Tobacco gained the right to produce West, R-1, Davidoff brands after acquiring Germany’s Reemtma Concern in 2003. /APA-Economics/
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