Imperial completes Altadis takeover

Andrew Pentol

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The tobacco supplier has been informed by the Spanish Securities and Exchange Commission that its offer for Altadis has become unconditional

Imperial Tobacco has announced the completion of its €12.8bn ($18.2bn) takeover of Spanish tobacco products supplier Altadis. The Spanish Securities and Exchange Commission accepted Imperial’s offer to purchase Altadis for €50 ($73) per share on January 25. The acquisition process will be completed on February 21.

Imperial will also launch a tender offer for the shares in Logista that are not already owned by Altadis at €52.50 ($77) per share. The headquarters of the enlarged group will remain in Bristol with Imperial incorporating Altadis’ cigarette operation and Altadis taking over Imperial’s cigar business. Two Altadis non-executive directors will be appointed to the Imperial board in due course. At this stage it is unclear how the two travel-retail businesses will combine.

Imperial Tobacco CEO Gareth Davies said: “I am delighted to announce the successful conclusion of our acquisition of Altadis. This is a significant milestone for Imperial Tobacco, consolidating our position as the world’s fourth-largest international tobacco company and enhancing our platform for continued and sustainable growth.”