Business Services Industry
British American Tobacco to Pay High Price for Italian Firm.
Knight Ridder/Tribune Business News, July, 2003
By Meera Selva, Sunday Business, London Knight Ridder/Tribune Business News
Jul. 20--British American Tobacco's shareholders must be desperate for a cigarette to calm their nerves after last week's announcement that the company has agreed to buy Ente Tabacchi Italiano (ETI) for a generous E2.3 billion ($3.6 billion, UKpound 1.6 billion).
The amount is almost double what the Italian government had hoped to receive from the auction and comes in at 13 times ETI's earnings.
ETI is a substantial business -- it controls 26 percent of the Italian cigarette market, the second largest in Europe -- but the deal has left the City uneasy.
BAT, which makes Dunhill and Lucky Strike among others, has been ruthless in its drive to gain ETI....
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