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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).
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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