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Article: British American Tobacco to acquire Italian state tobacco company.
- Article from:
- PR Newswire
- Article date:
- July 16, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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London, July 16 /PRNewswire/ -- British American Tobacco today agreed to acquire ETI - Ente Tabacchi Italiani S.p.A., Italy's state tobacco company, for EUR2.32 billion (Au1.6 billion).
The important acquisition will elevate British American Tobacco to the number two position in Italy, the second largest tobacco market in the European Union.
The scale of the enlarged operations will bring significant opportunities to compete and grow ETI's local brands and British American Tobacco's international brands.
Martin Broughton, Chairman of British American Tobacco, said: "This strategically important investment will transform our presence in one of ...