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From The Times
March 19, 2007

Imperial rethink after Altadis rebuff

Ingrid Mansell

Imperial Tobacco’s board will review its plans for Altadis this week after the Franco-Spanish tobacco group rejected its €11.5 billion (£7.8 billion) bid approach as too low.

Imperial, whose cigarette brands include Regal and Lambert & Butler, said yesterday that it looked forward to “further friendly dialogue” with Altadis, the owner of Gitanes, Gauloises and handmade Cuban cigars such as Cohiba.

Altadis’s rejection of the €45-a-share bid has left the UK cigarette group mulling the possibility of a higher offer.

Altadis said on Saturday that Imperial’s offer had failed to “reflect the strategic value of the company, its unique and diversified assets, as well as [its] future growth prospects”.

Altadis said that its board and advisers would review the best options for the group.

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