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• UPDATE 2-Altadis wins $1.5 bln Moroccan tobacco sale 

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Jump to full article: Reuters, 2003-06-02
Author: Souhail Karam

Intro:

Franco-Spanish tobacco firm Altadis ALT.MC said on Monday it had won a tender for an 80 percent stake in Morocco's tobacco monopoly after offering around 14.08 billion dirhams ($1.5 billion).

The bid was more than twice the minimum asking price of 6.4 billion dirhams set by the Finance and Privatisation Ministry.

"Altadis has been targeting both the Moroccan and Italian tobacco markets, seen as crucial for its external development. They had to come up with an unbeatable offer," said one Casablanca-based analyst of Altadis' offer.

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