UK/FRANCE. Imperial Tobacco today confirmed that is has approached Altadis about a possible merger of the two cigarette companies.
In a statement Imperial said: “Imperial Tobacco Group PLC confirms that it has made an approach to Altadis S.A. in relation to a possible combination of Imperial Tobacco Group and Altadis at a price of €45 per Altadis share in cash, recognising that, as previously announced by Altadis, a dividend of €0.5 per Altadis share is payable on 20 March.”
Imperial said discussions were at a very early stage, adding “There can be no certainty that this approach will lead to an offer being made.”
The board of Altadis said it would meet in the coming days to review the approach.
Any merger would have big implications for the travel retail market, not only through the consolidation of two of the world’s biggest tobacco companies, but also because of Altadis’ 50% interest in Spanish travel retailer Aldeasa.
Last month Imperial confirmed the purchase of Commonwealth Brands, the fourth-largest cigarette manufacturer in the US.
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