Saturday, December 16, 2006

Japan Tobacco to Buy Gallaher

Article in the New York Times -- Japan Tobacco to Buy a Big British Maker, by Martin Fackler:

Corporate Japan is once again on an overseas shopping spree.

On Friday, Japan Tobacco, the maker of Mild Seven cigarettes, announced that it would pay $19.1 billion to buy the British tobacco giant Gallaher in the largest-ever foreign takeover by a Japanese company. The offer was unanimously accepted by Gallaher’s board, but awaits the approval of shareholders, Japan Tobacco said Friday in a statement.

Analysts said the deal would help transform Japan Tobacco, the world’s third-largest cigarette maker, from a regional player in Asia into a global giant. The company will gain a hefty presence in Western Europe and Russia, and control of brands including Benson & Hedges.

BGS

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