Tobacco giant BAT bids for control of Brazil unit

3rd March 2015, Comments 0 comments

British American Tobacco launched a $3.5-billion bid Tuesday to take control of its Brazilian unit Souza Cruz, which is the Latin American nation's biggest cigarette maker.

BAT said in a statement it will seek to buy up to 24.7 percent of Souza Cruz shares, which it does not already own, for about $3.5 billion (3.15 billion euros).

The news sent BAT's share price up 0.61 percent to 3,779.50 pence in mid-afternoon deals on London's FTSE 100 index of top companies, which was 0.27 percent lower at 6,921.91 points.

The offer remains subject to approval by Brazilian regulatory authorities.

© 2015 AFP

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