British American Tobacco strikes again
With the ink on its agreement to acquire Turkish tobacco company Tekel, British American Tobacco (BAT) announced a deal to buy the cigarette manufacturing business of Denmark-based Scandinavian Tobacco Group (ST). The deal values that part of ST at #4 billion.
BAT already owns one third of the company, so its actual purchase price will be less. ST will retain its cigar and roll-your-own tobacco divisions and be owned mostly by an investment group.
ST is the leading cigarette maker in Scandinavia, will about 60% market share. One brand, Price, has about 33% market share. The company is founded in 1961, after the merger of three tobacco companies.
BAT keep expanding globally as it attempts to maker inroads against its #1 rival, Altria (Philip Morris).
7:35:21 PM 
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