Shareholders Approve Seita Logistics Transfer

Source from:  tr.itsmyiq.com Jul 31, 2007 08/01/2007

Seita's shareholders today approved the transfer of all distribution assets in France to Altadis Distribution France (ADF), a new subsidiary company created for this purpose and 100 per cent owned by Seita. The decision to make what is an internal transfer was made by Seita's board of directors and announced on June 27 as part of an Altadis Group corporate reorganization that began in February. By making this transfer, Altadis is looking to strengthen its logistics business by creating an independent company that can demonstrate its neutrality with regard to the distribution of tobacco products. In addition, the move is meant to help develop the distribution of non-tobacco products, while improving the group's legal and financial structure. Enditem