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BAT offers to buy out Souza Cruz stake

Reuters - UK Focus

LONDON, March 3 (Reuters) - British American Tobacco (LSE: BATS.L - news) said on Tuesday it was seeking to buy the 24.7 percent it did not already own in Brazil's Souza Cruz and to delist the company.

The world's second-largest cigarette maker, which had said it was considering the idea in February, said the offer would be at a price per share of 26.75 reais in cash.

The buyout would give the producer of Dunhill cigarettes full control over Souza Cruz, which has about 80 percent of Brazil's market. (Reporting by Kate Holton; Editing by Michael Perry)