SPAIN/FRANCE. The Altadis Group has sold its 100% share in Tabacmesa to Comerzia Soluciones Integrales de Comercio Electrónico and Tring Properties Limited for €9.5 million.
Tabacmesa sells products in duty paid (formerly duty free) shops located on the borders of Romania, the Czech Republic and Slovakia. In 2006 Tabacmesa achieved a turnover of €26.1 million.
Madrid-based Altadis, whose cigarette brands include Gauloise, Fortuna and Montecristo, has also sold its 27.78% share in the Unión Ibérica de Radio to Uniprex for the sum of €11.1 million. At the close of 2006 the net turnover of Unión Ibérica de Radio stood at €4.3 million.
The company said: “With these operations, the Altadis Group has divested itself of shares in non-strategic activities for its three business units: Cigarettes, Cigars and Logistics. Altadis held these shares through Urex Inversiones SAU, a company 100% owned by the Group.”
Altadis is currently the target of a €50 per share takeover bid from UK rival Imperial Tobacco. The Spanish company has recommended the Imperial offer to shareholders in the absence of a higher bid. The offer is conditional upon acceptance by 80% of Altadis’ share capital.
The deal has important repercussions for the travel retail sector. Altadis is a 50% shareholder in Spanish travel retailer Aldeasa, sharing the company’s ownership with Italian retail-to-catering group Autogrill.
If Altadis is sold Autogrill will probably exercise an option to buy the 50% stake in Aldeasa it does not already own. That would give Autogrill full control of Aldeasa, Alpha Airports Group and HMSHost, creating a new travel retail-to-catering giant.
MORE STORIES ON ALTADIS
Imperial announces agreed takeover of Altadis; Autogrill to take full control of Aldeasa – 18/07/07
Autogrill sets sights on full control of Aldeasa if Altadis sale takes place – 16/07/07
Imperial Tobacco makes approach for Altadis – 15/03/07
Altadis premieres Montecristo super-premium cigarette brand at TFWA – 23/10/06
