20th Nov 2015 09:58
LONDON (Alliance News) - British American Tobacco PLC is understood to have put together a syndicate of investment banks to support a potential takeover of London-listed rival Imperial Tobacco Group PLC, the Financial Times reported.
The FT Alphaville blog, citing people claiming to have direct knowledge of the process, said no approach had been made and no certainty one will, but BAT is understood to have corralled a syndicate of banks willing to back a possible offer.
Imperial Tobacco shares were up 2.3% to 3,571.00 pence on Friday, one of the best performers in the FTSE 100. British American Tobacco shares were down 0.1% to 3,858.50p.
FT Alphaville said the source claimed, however, that given Imperial is currently trading near record highs, BAT may decide to walk away rather than risk overpaying. Imperial's 52-week range has been between 2,680.00p and 3,665.00p.
http://ftalphaville.ft.com/2015/11/20/2145431/heres-that-imperial-tobacco-raw-in-full/
By Sam Unsted; [email protected]; @SamUAtAlliance
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