Imperial Tobacco deal delayed
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Oct 2007 10:10
Imperial Tobacco’s acquisition of Altadis – the Spanish firm responsible for Gauloises and Gitanes – is now expected to be completed by January 2008, rather than the end of 2007 as previously planned.
During a financial report, the chief executive of Imperial, Gareth Davis, said that the delays had been caused by the new takeover rules implemented in Spain, which had hindered the regulatory approval process. But he added that the situation did not pose any financial problems for the company, as the £9.2 billion of funds had already been set aside in preparation for the purchase, and that the approval was still “pretty imminent”.
Davis also announced that Imperial had achieved a 5.9 per cent growth in group pre-tax profits for the year up to September 30. This resulted in a pre-tax profit figure of £1.237 billion – within a hair’s breadth of the predicted £1.25 billion. “Another excellent year,” he said.
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