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Imperial in German takeover talks

12 April 2012

IMPERIAL Tobacco is in talks to buy Germany's Reemtsma, the world's fourth largest tobacco company, in a deal the market values at around £3.6bn. The group, which makes Embassy and Lambert & Butler cigarettes, confirmed it was in talks with Tchibo Holding, the family-owned group that controls Reemtsma and the Tchibo coffee business.

Earlier reports quoted Tchibo sources saying Imperial was 'well placed' in the running for Reemtsma, which has also attracted a bid from Franco-Spanish group Altadis. Tchibo's supervisory board is expected to decide on the sale on Wednesday.

Reemtsma, thought to have e1.2bn (£691m) of cash on its balance sheet, is seen as one of the last major prizes in the European tobacco industry with no exposure to damaging litigation in the US.

Imperial shares slipped 15p to 902 1/2p.

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