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BAT casts its gaze to Africa

British American Tobaccos chief executive said it is continuing to study acquisition opportunities, particularly in Algeria and Egypt.

The company, which came off the sidelines in February to make two acquisitions in six days, said it would be interested if either country was to sell their state-owned tobacco companies.

Paul Adams, chief executive, told the AGM that he also saw one or two possibilities in the Asia-Pacific region.

He said, "We are continuously reviewing possibilities.

With the consolidation of the industry, any potential acquisitions are likely to be small to medium-sized businesses.'"

Mr Adams said he considered deals of this size would be in the region of $1bn to $2bn.

In addition to agreeing to buy the Tekel cigarette unit for $1.7bn in February, BAT said it would pay $4.3bn for the cigarette and snuff assets of Skandinavisk Tobakskompagni.

Source: The Financial Times, 1st May 2008
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