Japan Tobacco to acquire Gallaher for about $14.7bn
Saturday, December 16, 2006 6:41:57 AM ET
newratings.com
LONDON, December 16 (newratings.com) - Japan Tobacco Inc (JAT.BER), the world’s third-largest cigarette maker, Friday announced that it had agreed to acquire Gallaher Group Plc for nearly $14.7 billion in the largest international acquisition by a Japanese company.
The Tokyo-based company said it would pay 1140p for each outstanding share of Gallaher, the maker of Silk Cut and Benson & Hedges cigarettes in Europe. The takeover would reaffirm Japan Tobacco’s position as the third-largest tobacco manufacturer behind Marlboro and British American Tobacco. Hiroshi Kimura, the company’s President and chief executive, said, "The integration of our business operations and our portfolios will position our international tobacco business for continued growth." Japan Tobacco expects the transaction to close during 1H07. |
