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British American says weighing offer for Souza Cruz shares

Reuters - UK Focus

LONDON, Feb 23 (Reuters) - British American Tobacco (LSE: BATS.L - news) is considering a possible public tender offer for as many as all the shares in Brazilian tobacco company Souza Cruz it does not already own.

BAT said on Monday that an offer for any of the 24.7 percent of Souza Cruz's shares it does not own would be at 26.75 Brazilian reais, in cash. That price represents a 30 percent premium to volume weighted average closing share price over the last three months.

The offer is still subject to approval by BAT's board and finalisation of appraisal report by an independent evaluator, as required by Brazilian rules.

(Reporting by Martinne Geller in London, editing by Louise Heavens)