16th Oct 2015 06:08
LONDON (Alliance News) - British American Tobacco PLC on Friday said its Brazilian unit has completed the tender offer to acquire the remaining shares in Souza Cruz SA and said the target company will now start the process of cancelling its listing.
The FTSE 100-listed tobacco giant said its BAT Prestação de Serviços Ltda unit will acquire a further 22.4% of Souza Cruz's shares under the offer, increasing BAT's total ownership of the company to 97.7%.
Given the level of acceptance at the auction of the shares, Souza Cruz will now take the steps to cancel its registration as a public listed company and BAT, as it now owns more than 95% of the shares, will start to compulsorily purchase the remainder of the shares outstanding.
By Sam Unsted; [email protected]; @SamUAtAlliance
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