Advertisement
UK markets closed

  • FTSE 100

    8,139.83
    +60.97 (+0.75%)
     

  • FTSE 250

    19,824.16
    +222.18 (+1.13%)
     

  • AIM

    755.28
    +2.16 (+0.29%)
     

  • GBP/EUR

    1.1679
    +0.0022 (+0.19%)
     

  • GBP/USD

    1.2494
    -0.0017 (-0.13%)
     

  • Bitcoin GBP

    50,469.92
    -979.71 (-1.90%)
     

  • CMC Crypto 200

    1,321.17
    -75.36 (-5.40%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,161.01
    +243.73 (+1.36%)
     

  • CAC 40

    8,088.24
    +71.59 (+0.89%)
     
PROPERTY:

9 luxury homes to consider if money is no object

Ever thought about what a multimillion pound budget would buy you?

BAT to buy Croatian tobacco business for 550 million euros

Reuters - UK Focus

LONDON, June 1 (Reuters) - British American Tobacco (LSE: BATS.L - news) has agreed to buy tobacco company TDR from Croatia's Adris Grupa for 550 million euros ($600.05 million) to increase its scale in Croatia, Bosnia and Serbia.

As tobacco consumption is declining in many Western markets, tobacco companies are seeking to expand in new markets, or to consolidate in order to reduce costs and boost profits.

British American, the world's second largest international tobacco company, also recently bid to takeover Souza Cruz , Brazil's largest tobacco company.

Adris, which also operates in the tourism and insurance industries, said in September it might seek a partner for its cigarette unit as rising global competition was hurting its business.

The deal represents a multiple of about 12.5 times TDR's 2014 EBITDA of 44 million euros.

($1 = 0.9166 euros) (Reporting by Martinne Geller; editing by Jason Neely)