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Jump to full article: Financial Times (uk), 2004-12-16
Author: Tony Tassell and Philip Stafford
Intro: The tobacco sector provided more grist for the rumour mill yesterday as vague bid rumours spread about Gallaher.
After Imperial Tobacco was forced this week to deny rumours that it had held talks with Spanish rival Altadis, the speculative spotlight shifted to Gallaher and a revival of talk of a bid from Japan Tobacco.
Shares in Gallaher gained 2.1 per cent to 762p in above-average trading volumes.
However, the rumours were discounted by some analysts. Michael Smith, industry analyst at JP Morgan, sees no large-scale mergers and acquisition activity in Europe over the next 12 months.
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