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· Altadis

Altadis acquires majority stake in Moroccan tobacco monopoly 

Jump to full article: Mena Report, 2003-06-04

Intro:

Altadis confirmed it has successfully acquired 80 percent of the shares in Rgie des Tabacs du Maroc of Morocco (RTM) from the Moroccan government, for a total cash amount of Euro 1.292 billion ($1.52 million).

The Moroccan State undertook to keep its 20 percent stake in RTM for two years and will then have two years to possibly proceed to an IPO (initial public offering). Finally, a call and put for this 20 percent stake will be granted at the very same price for the fifth year after acquisition (in case of non-completion of the IPO).

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