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· Business (Tobacco)
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· ITY
· Commonwealth
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(Adds FD and analyst comments, detail, update shares)
Jump to full article: Reuters, 2007-02-08
Author: Jonathan Cable
Intro: Britain's Imperial Tobacco agreed to buy Commonwealth Brands, the fourth-biggest cigarette maker in the United States, but its shares fell on Thursday as speculation faded it might be a bid target itself.
Imperial, which makes Lambert & Butler and Richmond cigarettes in Britain, said it was buying CBHC Inc, which trades as Commonwealth Brands, from Houchens Industries Inc. for 974 million pounds ($1.9 billion) in cash.
"Through this acquisition we will gain immediate and significant access to the world's most profitable tobacco market and benefit from an enhanced operating platform," Chief Executive Gareth Davis told journalists.
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