LONDON -- Imperial Tobacco Group Plc investors almost unanimously approved the company's $17 billion bid for Altadis SA, parent company of Altadis USA, the supplier of Romeo y Julieta and Montecristo cigars, among other brands.
Shareholders met Monday in the southwestern English city of Bristol, where Imperial, the owner of the Davidoff cigarette brand, is located. The company agreed on July 18 to buy Madrid-based Altadis for 50 euros a share in cash after a four-month takeover battle with buyout firm CVC Capital Partners Ltd.
About 99.8% of shareholders voted in favor, Imperial said in a statement, according to a Bloomberg report.
As previously reported in CSP Daily News, the move will join together the world's fourth largest cigarette group, Imperial, and the fifth, Altadis, and close the gap with the world's top three groups, Altria Inc., British American Tobacco and Japan Tobacco.
"Imperial Tobacco and Altadis are a great strategic fit, which will consolidate our position as the world's fourth largest international tobacco company," Imperial CEO Gareth Davis said previously.
Altadis accepted Imperial's offer after rejecting proposed bids worth 45 euros and 47 euros a share. Imperial Tobacco is still awaiting approval from Spain's stock market regulator for the bid.
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