Financial Times FT.com

Imperial Tobacco in new move on Altadis

By Lina Sagol, European M&A Correspondent

Published: April 10 2007 00:02 | Last updated: April 10 2007 00:02

Imperial Tobacco, the world’s fourth largest tobacco group has made a second informal approach pitched at €47 a share to acquire Altadis, its smaller Franco-Spanish rival.

Imperial is understood to have held discussions with Altadis over the weekend during which the UK group put forward the increased offer, according to people close to the situation. The move comes two weeks after Imperial kicked off a potential bidding war for Altadis with an initial approach of €45 a share, which was immediately rejected as too low an offer.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this