Consolidation has started again.
Altria on Monday announced that it would buy US chewing tobacco maker UST for $11.7bn, in a deal which would help offset Altria's declining US cigarette volumes and boost its position in the tobacco market by expanding its range of alternative tobacco products.
Altria, the owner of Marlboro cigarette maker Philip Morris USA, has tried to build strength in the expanding smokeless tobacco category but has met with little success. UST, which makes Copenhagen and Skoal tobacco and also owns a wine distribution business, is the largest US maker of chewing tobacco.
Altria said in a statement that it was offering to buy in cash all outstanding UST shares at $69.50 each, valuing the deal at approximately $11.7bn, including the assumption of approximately $1.3bn of debt...........
read more | digg story--
trackback :
my blog
my profile
my microblog
No comments:
Post a Comment