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Jump to full article: Bloomberg News, 2008-02-22
Author: Ali Berat Meric and Thomas Mulier
Intro: British American Tobacco Plc will buy cigarette maker Tekel from the Turkish government for $1.72 billion to eat into Philip Morris International's market lead in the nation.
BAT, the maker of Lucky Strike cigarettes, beat Citigroup Venture Capital International, private-equity firm Cinven Ltd., and Turkey's Dogan Sirketler Grubu Holding AS in the bidding for Tekel . . .
``Turkey is an interesting market, as it's one of the world's top 10,'' said Jonathan Fell, an analyst at Deutsche Bank AG in London with a ``buy'' rating on BAT. ``This is a chance to get an equal-ish market share with Philip Morris International. I can see why they're interested.''
The sale price topped the $1 billion to $1.6 billion valuation range for Tekel that JPMorgan Chase & Co. analysts estimated last year.
BAT rose 16 pence, or 0.9 percent, to 1,874 pence in trading in London
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