The Altadis board of directors has unanimously approved the takeover bid by Imperial Tobacco and recommends the offer to its shareholders.

Altadis has also convened an extraordinary general meeting (EGM) on 18 December to vote on the removal from Altadis bye-laws of the limitation on the number of votes that shareholders can cast at a general meeting of shareholders. Imperial's offer, announced on 18 July, is subject to the tendering of 80 per cent of the share capital of Altadis in acceptance of the offer and the passing of a resolution by Altadis shareholders to remove the voting restriction. The acceptance period for the offer commenced on 12 November and is expected to close on 11 January 2008.
Due to the importance of the topics to be discussed, an attendance premium at the EGM of gross € 0.10 per share will be paid.
On 7 November the Spanish National Securities Market Commission ("Comisión Nacional del Mercado de Valores") authorised the EUR 12.6 billion takeover offer. (pi)