BAT offers to buy out Souza Cruz stake

(Supplied)
(Supplied)

London - British American Tobacco [JSE:BTI] said on Tuesday it was seeking to buy the 24.7% 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 Brazilian reals in cash.

The buyout would give the producer of Dunhill cigarettes full control over Souza Cruz, which has about 80% of Brazil's market.

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