British American Tobacco confirms possible offer for Souza Cruz minorities

BRASILIA, BRAZIL: British American Tobacco (BTI) on Monday confirmed its possible offer for Brazilian tobacco company Souza Cruz minorities.

British American Tobacco said it was evaluating a possible public tender offer to acquire up to all of the 24.7% of Souza Cruz shares that it does not currently own, and to delist the company.

Any offer for Souza Cruz's shares would be at a price per share of 26.75 Brazilian real, to be paid in cash, in real, and to be reduced by any dividend paid by Souza Cruz, the company said.

A price of 26.75 real per share would represent a premium of 30% to Souza Cruz's volume weighted average closing share price over the three months to February 2015, it said.

At 1504 the counter was trading 1.28% firmer at R666.88 per share from its Friday's close, valuing the global player at about R1.350trn.

Source: BDpro, via I-Net Bridge