Imperial Tobacco seeks talks after Altadis snubs takeover bid

0 Comments | AFP, March, 2007

LONDON (AFP) — Imperial Tobacco on Sunday sought talks with Altadis after the Franco-Spanish cigarette maker rejected an informal takeover bid from its British rival.

Altadis had snubbed an 11.5 billion-euro (15.2 billion-dollar) takeover from Imperial on Saturday.

"We are aware of the decision, we are discussing it, and we are looking forward to further friendly dialogue," an Imperial Tobacco spokesman said Sunday.

The Altadis board unanimously rejected the offer in a statement.

The bid "does not reflect the strategic value of the group, nor its unique and diverse assets, as well as their future growth prospects," the statement added.

Imperial's offer was made last Thursday, following which the Spanish business media reported that Altadis...