British American Tobacco is considering a move to buy out the remaining 25 per cent of Souza Cruz, its Brazilian business, in a deal that would cost about £2.3 billion.
The FTSE 100-listed maker of Lucky Strike and Dunhill cigarettes said yesterday it was “evaluating a possible public tender offer” to acquire the 24.7 per cent of Souza Cruz shares it does not own as a prelude to delisting the company.
It said that the putative offer would be pitched at R$26.75 (£6) a share, a premium of 30 per cent to the average price over the past three months on the Sao Paulo exchange and about 13 per cent higher than Friday’s close, though that would be reduced by any dividend paid out by