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British American Tobacco to pay $494 mil for Bentoel stake
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Source:http://www.marketwatch.com/,2009-06-22
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British American Tobacco Plc. has agreed to pay $494 million for an 85% stake in PT Bentoel Internasional Investama, Indonesia's fourth-largest cigarette maker by volume.
BAT said in a statement Wednesday that the deal price was a 20% premium to Bentoel's closing price of 730 rupiah (7 U.S. cents), its last traded price before the deal was announced.
Indonesia is the fifth-largest market for cigarettes by volume, with annual consumption of 250 billion a year, BAT said.
Bentoel has a 17% share of the Indonesian market by volume.
BAT said the deal is an opportunity for it to enter the Indonesian market for kreteks, a blend of tobacco and cloves. About 93% of the cigarettes sold in Indonesia are kreteks.
Bentoel, whose major kretek brands include Star Mild, earned $53 million before interest, tax and depreciation in the year ended March 31. |
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New Study Confirms $1 Cigarette Tax Increase Will Produce Large, Sustained Revenue Needed to Cut North Carolina Budget Deficit
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Source: http://www.sunherald.com/,2010-05-20 |
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Philip Morris International Inc. (PMI) Presents at Credit Suisse Investor Field Visit in Germany
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Source: http://www.sunherald.com/,2010-05-15 |
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Philip Morris International Inc.’s (NYSE / Euronext Paris: PM) Managing Director Germany & Austria, Raman Berent, will today provide investors with a review of Germany’s cigarette market dynamics at the Credit Suisse Investor Field Visit in Berlin, Germany.
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Critics push state to spend tobacco money on prevention, control
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Source: http://blog.mlive.com/,2010-05-10 |
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