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Burned over Santa Fe, cigarette maker on the prowl
Jump to full article: Convenience Store/Petroleum, 2002-02-25
Intro: Canadian tobacco firm Rothmans Inc., which lost a bidding war to R.J. Reynolds late last year when it attempted to acquire Santa Fe Natural Tobacco Co., said that it will target assets in Western Europe and North America in the next 12 months, according to a Reuters report.
"Our eyes are open and our hands are on our wallets," CEO John Barnett said during a conference call for analysts about acquisition plans.
Analysts said an acquisition would not offer Rothmans, whose subsidiary Rothmans, Benson & Hedges is Canada's No. 2 cigarette maker, operational synergies because the company has no plants outside of Canada. Rothmans' primary reason to buy is to increase shareholder value, they added.
Barnett said consolidation in the global tobacco market would create acquisition opportunities.
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