BAT confirms possible offer for Souza Cruz

RNS Number : 5969F
British American Tobacco PLC
23 February 2015
 



For immediate release: Monday 23 February 2015

 

BAT confirms possible offer for Souza Cruz minorities


Following on from the recent announcement by Souza Cruz, British American Tobacco (BAT) confirms that it is evaluating a possible public tender offer to acquire up to all of the 24.7% of Souza Cruz shares which are not currently owned by BAT and to delist the company.

 

Any offer for Souza Cruz's shares would be at a price per share of R$26.75, to be paid in cash, in Brazilian Reais, and to be reduced by any dividend paid by Souza Cruz.  A price of R$26.75 per share would represent a premium of 30.0% to Souza Cruz's volume weighted average closing share price over the three months to Friday 20 February 2015 (being the last trading day before the date of announcement).

 

The consummation of the offer is still subject to, inter alia, BAT's Board approval and the finalisation of an appraisal report by an independent evaluator which is required in accordance with the relevant Brazilian rules.  There can be no certainty that any offer will be made, the related terms of any such offer nor that any delisting will occur. 

 

ENQUIRIES

 

Press Office                                                     Investor Relations

Will Hill / Anna Vickerstaff                                  Mike Nightingale / Rachael Brierley

+44 (0) 20 7845 2888 (24 hours)                          + 44 (0) 20 7845 1180 / 1519

 

Deutsche Bank                                                UBS             
Nigel Meek / James Ibbotson                              James Robertson / Hadleigh Beals
+44 (0) 20 7545 8000                                         + 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 £5.5 billion profit from operations in 2013.

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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