Imperial Tobacco Sells Brands for €254m

Source from:  uk.biz.yahoo.com LONDON (ShareCast) 04/24/2008

Imperial Tobacco (LSE: IMT.L - news) has agreed to sell a number of fine cut and pipe tobacco brands to Philip Morris for €254m. The divestment was a condition of the European Commission's approval of Imperial's takeover of its Franco-Spanish rival Altadis (Madrid: ALT.MC - news) . The deal, which is subject to European Commission approval, includes the fine cut tobacco brands Interval, Bergerac, Santoya and Wervicq (France), Van Nelle (Italy and Canary Islands) and Picadura (Spain) and the pipe tobacco brands Bergerac (France) and Kilta (Finland). "As previously stated in the group's announcement on 18 October, this divestment will not materially adversely affect the operational and financial performance of Imperial Tobacco," said the group. Enditem