Imperial Tobacco Shareholders Approve $17 Billion Altadis Bid

Source from:  By Thomas Mulier Aug. 13 (Bloomberg) 08/14/2007

Imperial Tobacco Group Plc investors almost unanimously approved the company's 12.6 billion-euro ($17 billion) bid for Altadis SA, the maker of Gauloises cigarettes and the world's best-selling cigars. Shareholders met today in the southwestern English city of Bristol, where Imperial, the owner of the Davidoff cigarette brand, is located. The company agreed on July 18 to buy Madrid- based Altadis for 50 euros a share in cash after a four-month takeover battle with buyout firm CVC Capital Partners Ltd. About 99.8 percent of shareholders voted in favor, Imperial said in a Regulatory News Service statement. Cigarette makers have spent $40 billion on acquisitions in the past nine months to eliminate rivals, reduce costs and close factories as smoking bans cut consumption. Altadis accepted Imperial's offer after rejecting proposed bids worth 45 euros and 47 euros a share. Imperial Tobacco is still awaiting approval from Spain's stock market regulator for the bid. To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net. Enditem