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’Imperial Tobacco plans £5bn cash call
Imperial Tobacco is this week expected to launch one of Britain’s biggest rights issues when it asks shareholders for up to £5bn, possibly as early as Tuesday, reports the Daily Telegraph. The tobacco giant has already hinted it will raise up to £5bn by July 18 in order to retain its investment-grade credit rating following the €12.6bn (£10m) purchase of Altadis,
Regulatory delay for Imperials Altadis buy
The timetable for Imperial Tobacco’s €12.6bn acquisition of Altadis has slipped and the deal is not now expected to be completed until January next year. Gareth Davis, chief executive of Imperial, said new takeover rules in Spain had delayed the process of approval by regulators.
Imperial Tobacco: Altadis deal on track
Imperial Tobacco said its €12.6bn (£8.8bn) bid for Altadis, the Franco-Spanish cigarette maker, had been unaffected by financial market upheavals. Terms of its €50 a share offer were finalised in July and Imperial said it had “committed funding in place” and expects to complete the deal by year end.
Imperial seeks backing for £11bn Altadis deal
Imperial Tobacco will on Monday seek shareholder approval for its £11bn takeover of Altadis, the Franco-Spanish cigarettes group, which includes a £5bn rights issue, reports The Times. The British tobacco group is hoping to get the go-ahead for the €50-a-share all-cash deal at an extraordinary general meeting on Monday afternoon.
Imps’ terms for Altadis – and a €8bn cash call
It’s recommended and it is in cash, so the offer for for Spain’s Altadis from Imperial Tobacco, worth €16.2bn including debt, seems to be ushering this long-running takeover saga towards a close. Here are the headline terms published on Wednesday:
Imperial to offer €12.8bn for Altadis
Imperial Tobacco will on Wednesday deliver a €50-a-share all-cash bid for Altadis in a deal that will value the Franco-Spanish tobacco group at about €12.8bn (£1.9bn). An announcement could be made as early as Wednesday,
The Real Deal: Only Altadis can stop this game of chicken
It has been 16 weeks since Altadis rejected Imperial Tobacco’s revised €47-a-share offer, and two weeks since the due diligence process ended. Yet, neither the UK tobacco group nor CVC, its rival suitor,
CVC raises cov-lite debt in Altadis bid
CVC has lined up covenant-lite debt for its planned €12.8bn leveraged buy-out of Altadis in spite of rising investor aversion to financing deals without traditional lender protections. The senior debt is set to be covenant-lite,
CDS report: Overnight US rally soothes nerves, but worries persist
European credit derivatives markets opened slightly stronger on Thursday, buoyed by marginal tightening overnight in US spreads and a late rally on Wall Street.
The benchmark iTraxx Crossover index,
Bids loom in race for Spain’s Altadis
Two bidders are expected within days to make competing offers for Altadis that could value the cigarette and cigar maker at €13bn ($17.5bn) or more and result in one of the biggest tobacco deals ever,
CVC secures backing for Altadis bid
CVC has secured financial backing for a €12.8bn bid for Altadis, the Franco-Spanish tobacco group, bankers said Monday. The offer, which values the maker of Gauloise cigarettes at €50 a share, could be formalised this week,
Seven banks sign up for CVC’s Altadis bid
CVC has lined up an impressive array of banking power behind its proposed bid for Spanish tobacco firm Altadis, reports El Pais on Friday.
The big difference, though, is that instead of just providing the funds for CVC’s bid,
CDS report: Altadis recovers as LBO fears recede
European tobacco giant Altadis was the biggest mover in the credit derivatives markets on Thursday, after reports buyout firm PAI was considering abandoning its joint €12.8bn bid with CVC. A separate report by Europa Press said the UK’s Imperial Tobacco was planning a bid of its own.
CVC to go solo in Altadis bid
CVC is set to launch a solo bid for Altadis after its bidding partner PAI, the French private equity group, withdrew from the battle over the £12bn Franco-Spanish tobacco company. However, CVC is thought to be keen to involve either a French or Spanish co-investor in order to help appease the unions in both countries,
Altadis tries to spark a bidding war
Altadis, the Franco-Spanish tobacco group, opened its books on Tuesday to Imperial Tobacco and a CVC-led consortium -– raising hopes of a bidding war, the FT reports.
The Altadis board said a €50-per-share preliminary offer from CVC and PAI,
Imperial seeks dialogue with Altadis
Imperial Tobacco said on Tuesday it had recently held talks with Altadis, the Franco-Spanish cigarette maker which it is hoping to buy, but was yet to receive the information it needed to assess whether to increase its indicated offer of €47 a share or €12.3bn (£8.35bn). Gareth Davis,
CDS report: Invensys tighter on takeover talk
The upbeat mood in the European credit derivatives markets quickly disappeared on Thursday morning, with indices moving slightly wider from opening levels.
The iTraxx Crossover index of junk-rated credits opened tighter at 195.5 basis points,
Altadis plans to show its true worth
Altadis, the Spanish tobacco firm fending off the attentions of Imperial Tobacco and a private equity consortium, is working on a defence plan: it wants to get its share price up, according to Spanish website Bolsacinco.
Imperial may circumvent Altadis board with third bid
Imperial Tobacco may circumvent the board of Spanish tobacco firm Altadis and make its third offer directly through the stock market regulator, reports AFX news citing Spanish newspaper La Gaceta de los Negocios [via Forbes].
CDS report – CVC smoke signals move Altadis
Leveraged buy-out rumours continued to power activity in the European credit derivatives markets on Friday, with the future of Altadis, the Franco-Spanish cigarette, a major focus of traders.
CVC, the buy-out group whose bid for Sainsbury’s supermarket chain collapsed this week,
CVC looks to enter battle for Altadis
CVC, whose bid for J Sainsbury collapsed this week, is in advanced stages of forming a powerful financial consortium to trump Imperial Tobacco’s £12.3bn bid for Altadis, the Franco-Spanish tobacco company.
Imperial Tobacco spurned by Altadis
Altadis, the Spanish-French tobacco group, on Tuesday rejected a €47 a share indicative approach from Britain’s Imperial Tobacco, which it said did not reflect the company’s strategic value or growth potential.
Altadis rebuffs Imperial
Spanish cigarette maker Altadis has again rebuffed an advance from UK rival Imperial. In a statement to the Madrid bourse, the Spanish firm said that an indicative offer of €47 per share did not reflect its strategic value or future growth prospects and it will continue to assess the best options available to it.
Imperial Tobacco in new move on Altadis
Imperial Tobacco has made a second informal approach pitched at €47 a share to acquire Altadis, its smaller Franco-Spanish rival. Imperial is understood to have held discussions with Altadis over the weekend and put forward the increased offer.
Imperial’s investors back bigger rights issue
Shareholders of Imperial Tobacco have given the green light to the UK’s second-largest tobacco company to increase the size of its rights issue to fund an acquisition of Altadis, reports The Times. Imperial was already planning the City’s second-largest share issue,
BAT in talks with private equity over Altadis bid
BAT is in talks with private equity firms over a possible bid for Altadis, reports The Times. The talks are thought to be with CVC Capital, Cinven and PAI, the French buyout group, all of which are known to be interested in all or part of Altadis’s business.
Private equity groups work on break-up plans for Altadis
Several private equity groups considering bids for Altadis, the Franco-Spanish tobacco company, are working on break-up plans which they hope will give them the edge over Imperial Tobacco, whose £8bn offer for Altadis two weeks ago was rebuffed,
Buy-out groups eye Altadis
At least three European private equity firms have expressed an interest in bidding for Altadis, the Franco-Spanish tobacco company that rejected an £8bn bid from Britain’s Imperial Tobacco this month.
Altadis told to accept Imperial’s offer in absence of other bids
Three of Altadis’s largest shareholders have instructed the board of the Spanish company to accept a revised offer from Imperial Tobacco if a rival bidder does not emerge soon, reports The Times. The US investment managers Franklin,