(Adds CEO comment, adds detail)
MADRID (Thomson Financial) - Imperial Tobacco Group PLC said it will bid
52.50 eur per share for the outstanding shares in Spanish distribution company
Logista.
In a statement, Imperial said the bid comes in accordance with Spanish
regulations after the UK tobacco group's takeover bid for Logista's parent
company Altadis SA reached 95.81 pct final acceptances today, while the
squeeze-out of remaining shareholders is expected to be completed by February
21.
The company also estimates that the rights issue to fund the takeover will
be no more than 5 bln stg and will be completed by July.
Separately, trading in Logista shares has been suspended until 10.00 am,
stock market regulator CNMV said. Logista shares last changed hands at 50 eur
each.
Imperial Tobacco CEO Gareth Davis told a news conference: "We are expecting
300 mln eur savings per year from the [Altadis] deal and we will have achieved
that by the second full year of ownership. About half of the savings will come
from production and purchasing and other half from marketing."
Mr Davis said that the deal's size meant that Imperial will now concentrate
on growing the business organically: "There are a number of interesting
opportunities out there, possibly in bolt-on acquisitions in individual
countries that wouldn't strategically alter Imperial's course. The addition of
the Altadis cigar division presents an additional business development
opportunity," he said.
Mr Davis said that Imperial's plan to buy up the remaining stake in Logista
would not affect the independence of that company and would create additional
value for shareholders.
tfn.europemadrid@thomson.com
jdy/kd1/jdy/tc/jh1/vlb
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