BAT Completes Auction for Souza Cruz

RNS Number : 4587C

British American Tobacco PLC

16 October 2015

 



Friday 16 October 2015

BAT COMPLETES AUCTION FOR SOUZA CRUZ

British American Tobacco has reached the threshold for delisting Souza Cruz in Brazil

British American Tobacco (BAT) is pleased to announce that its Brazilian subsidiary, British American Tobacco Prestação de Serviços Ltda. (BAT Serviços), has successfully concluded the auction (the Auction) related to its public tender offer to acquire up to all of the 24.7% of Souza Cruz S.A. (Souza Cruz) shares which are not currently owned by BAT and to delist the company.

As a result of the Auction, BAT Serviços will acquire 342,956,819 shares at a price of R$27.20 per share (the Offer Price), representing 22.4% of Souza Cruz.  BAT's total ownership of Souza Cruz will therefore increase to 97.7% of Souza Cruz.  At the Offer Price, the value of the 24.7% free float is circa £1.7 billion. 

Given the level of acceptance at the Auction, Souza Cruz will now take the necessary steps to cancel its registration as a publicly listed company.  In addition, as BAT now owns over 95% of Souza Cruz a process will be commenced to compulsorily purchase the remaining minority shares, upon which Souza Cruz will become a wholly owned subsidiary of BAT.

ENQUIRIES

Press Office                                                                       Investor Relations

Will Hill / Anna Vickerstaff                                          Mike Nightingale / Rachael Brierley

[phone] (24 hours)                                  + 44 (0) 20 7845 1180 / 1519

Deutsche Bank                                                UBS             
Nigel Meek / James Ibbotson                              James Robertson / Alisher Dadakuziev
[phone]                                         + 44 (0) 20 7568 1000

NOTES TO EDITORS

BAT is a global tobacco Group with brands sold in more than 200 markets. It employs more than 57,000 people worldwide and has over 200 brands in its portfolio, with its cigarettes chosen by one in eight of the world's one billion smokers.  BAT has leadership in more than 60 markets around the world. The Group generated £5.4 billion adjusted profit from operations in 2014.

BAT is being advised by Deutsche Bank and UBS.

For further information:

www.bat.com
www.bat.com/annualreport
www.bat.com/sustainability

www.flickr.com/photos/welcometobat
www.youtube.com/welcometobat
Twitter: @BATPress

Disclaimers

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFIN - Federal Financial Supervisory Authority). Deutsche Bank AG, London Branch is further authorised by the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Deutsche Bank is acting for British American Tobacco and no one else in connection with the contents of this Announcement and will not be responsible to anyone other than British American Tobacco for providing the protections afforded to its clients or for providing advice in connection with the contents of this Announcement or any matter referred to herein.

UBS Limited is authorised by the Prudential Regulation Authority and in the United Kingdom is regulated by the Financial Conduct Authority and Prudential Regulation Authority. UBS Limited is acting for British American Tobacco and no one else in connection with the contents of this Announcement and will not be responsible to anyone other than British American Tobacco for providing the protections afforded to its clients or for providing advice in connection with the contents of this Announcement or any matter referred to herein.

 

END

 

 

MSCVELFFEBFEFBF