The battle for Imperial Tobacco - Financial Times - MSNBC.com

CVC looks to enter battle for Imperial Tobacco - Financial Times - MSNBC.com:

CVC, the private equity group whose bid for Britain’s Sainsbury supermarket chain collapsed this week, is in advanced stages of forming a powerful financial consortium to trump Imperial Tobacco’s £12.3bn bid for Altadis, the world’s fifth largest tobacco company.

CVC has teamed up with PAI, the French private equity group, to consider a joint bid for the Franco-Spanish maker of Gitanes and Gauloise cigarettes. Cinven is also in talks to join the consortium, according to people close to the situation.

CVC, which is leading the discussions, met with Altadis management last month to discuss its interest. The buyout firm already has a close connection with Altadis through Carlos Colomer Casellas, an Altadis board member who is also a member of CVC’s advisory committee.

Read more about this bidding war at the MSNBC site