Imperial Tobacco says wins control of Altadis

LONDON - Britain’s Imperial Tobacco said Tuesday it had won control of Franco-Spanish cigarette maker Altadis after shareholders overwhelmingly backed its bid worth 12.8 billion euros (18.8 billion dollars).

By (AFP)

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Published: Tue 22 Jan 2008, 6:46 PM

Last updated: Sun 5 Apr 2015, 12:34 PM

Imperial Tobacco said in a statement that shareholders representing 93.5 percent of Altadis stock had agreed to the takeover.

‘The level of acceptances ... is such as to satisfy the 80-percent minimum acceptance condition to the offer,’ Imperial said in the statement.

‘Accordingly, the offer has become unconditional.’

Altadis will now become Europe’s second-largest tobacco group, behind Altria Group’s Philip Morris. The takeover will create a company making about 312 billion cigarettes a year.

The maker of Regal, Embassy and Davidoff cigarettes offered 50 euros per Altadis share.

Imperial’s own shareholders voted in favour of the takeover last year.

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