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· Altadis
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Jump to full article: Financial Times (uk), 2008-01-17
Author: Rachel Rigby in London and Rupert Cocke in Barcelona
Intro: Imperial Tobacco is unlikely to bid for Logista in order to prepare it for a full sale at a later date, a source with knowledge of the situation told mergermarket.
The UK tobacco company has said that it will announce what it will do with Logista, the Spanish logistics company, the day it announces the results of its takeover of its parent company Altadis, expected by 24 January.
Under Spanish takeover law, Imperial Tobacco has to reduce its stake below 30% or launch a full takeover bid within three months of that date. If anyone buys Altadis’s full 59.6% stake in Logista, they would have to launch a mandatory bid for the distribution company.
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