Imperial Tobacco looks to smoke out Altadis takeover

0 Comments | AFP, May, 2007

LONDON (AFP) — Britain's Imperial Tobacco said Tuesday that it needed more information from Franco-Spanish cigarette maker Altadis before raising its current takeover bid of 12 billion euros (16.4 billion dollars).

A takeover would bring together the Imperial cigarette brands of Regal, Embassy and Davidoff with Altadis best-sellers Gauloises and Fortuna.

"We're pleased that both sides were able to meet recently to have a discussion about Altadis' shareholders presentation on its new financial targets," Imperial Tobacco chief executive Gareth Davis told a press conference after the release of the group's first-half results.

"Whereas some progress was made we still require further information to enable us to potentially reassess the value of the business."...