Imperial Tobacco Agrees To Pay $22.4 Billion for Altadis

Cigar Aficionado reports that a deal seems to have been agreed upon for Imperial Tobacco to purchase Altadis for 22.4 Billion.

The bidding war for Altadis S.A. appears to be over. This morning, Imperial Tobacco PLC announced that the board of Altadis S.A., the world’s largest cigar company, had agreed to be acquired by Imperial for 16.2 billion euros ($22.4 billion). The deal, which has been in the works since mid-March, should close by the first quarter of fiscal 2008. The purchase price includes Altadis debt being assumed by Imperial.