SOURCE: Altadis

March 19, 2007 11:34 ET

ALTADIS : Altadis Board rejects Imperial Tobacco approach at EUR 45

PARIS -- (MARKET WIRE) -- March 19, 2007 --

In the context of the ongoing consolidation of the cigarette industry, Altadis has received a conditional and unsolicited approach from Imperial Tobacco Group PLC at an indicative price of EUR 45.00 per share.

The Board, in conjunction with its financial and legal advisors, has carefully considered this approach and has unanimously rejected it, on the grounds that it does not reflect the strategic value of the Company and its unique and diversified assets, as well as their future growth prospects.

The Board and its advisors are reviewing the best options for the Company, its shareholders and its employees.

The Altadis Group is a European leader in the tobacco and local-logistics sectors. The Group holds strategic positions in its three core businesses, ranking fourth in the Western European cigarette market, first in the world cigar market, and as a major logistics provider to convenience stores, tobacconists and other local outlets in the Mediterranean Basin.

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