Altadis to be Acquired by Imperial Tobacco: WSJ

Source from:  By John Letzing, MarketWatch Jul 17, 2007 07/18/2007

Spanish cigarette maker Altadis SA has agreed to be acquired by Imperial Tobacco Group PLC for roughly 1.3 billion euros, or $17.92 billion, according to a report late Tuesday on The Wall Street Journal's Web site. Imperial (ITY : imperial tobacco group plc sponsored adr News , chart , profile , more Last: 90.01+0.19+0.21% 8:12pm 07/17/2007 Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: ITY90.01, +0.19, +0.2%) has bested Luxembourg-based CVC Capital Partners Ltd., which also has been seeking to acquire Altadis since May, according to the report. If the acquisition is completed, it would create a market leader in the U.K., France, Spain, Germany and many Eastern European countries, the report said. Altadis' board of directors has agreed to recommend a sale to Imperial at a price equivalent to 50 euros a share, though CVC may yet come back with a higher offer, the report said, citing people familiar with the matter. The acquisition of Altadis would represent the last major deal in the consolidating European tobacco industry, the report said. John Letzing is a MarketWatch reporter based in San Francisco. Enditem