UNITED STATES
Altria scoops up UST

Altria has confirmed that it has agreed to buy UST, the maker of Copenhagen and Skoal chewing tobacco, for USD 11.7 billion (EUR 8.2 billion).

The Group announced that they have entered into a definitive agreement for Altria to acquire all outstanding shares of UST, the world's leading moist smokeless tobacco manufacturer. Under the terms of the agreement, UST shareholders will receive USD 69.50 in cash for each share of common stock held. The transaction is valued at approximately USD 11.7 billion, which includes the assumption of approximately USD 1.3 billion of debt.
“UST provides Altria with the leading premium brands, Copenhagen and Skoal, in the highly profitable moist smokeless tobacco category," said Michael E. Szymanczyk, Altria's chairman and CEO.
Altria expects the acquisition of UST to be accretive to adjusted diluted earnings per share within twelve months of closing and to generate an attractive double-digit economic return.The integration is anticipated to generate approximately USD 250 million in annual synergies by 2011, primarily driven by reduced selling, general and administrative and corporate expenses.
The transaction is subject to UST shareholder approval and customary regulatory approvals, which will be pursued promptly. (pi)

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