British American Tobacco (BAT) is considering an offer to acquire the remaining one quarter of Souza Cruz it does not own to delist the Brazilian cigarette maker, the company said.

BAT is considering a public tender offer of BRL 26.75 (EUR 8.19) a share for 24.7 per cent of Souza held by outside investors, representing a 30 per cent premium over the closing price averaged over three months to 20 Feb. The offer would value the stake at around EUR 3.1 billion.
“Consummation of the offer is still subject to, inter alia, BAT’s board approval and the finalisation of an appraisal report by an independent evaluator which is required in accordance with the relevant Brazilian rules”, BAT said. “There can be no certainty that any offer will be made, the related terms of any such offer nor that any delisting will occur.”