UNITED KINGDOM
Gallaher up sharply as confirms bid approach

Shares in British tobacco company Gallaher Group rose strongly on Thursday after the group received a bid approach late Wednesday which sources close to the situation said came from Japan Tobacco.

Shares in Gallaher, the world's fifth largest cigarette group, rose 20 per cent to 11.75 pounds, valuing the company at 7.7 billion pounds (US$ 15.14 billion). Other UK cigarette shares also rose with Imperial Tobacco Group up 7.5 per cent at 20.29 pounds and British American Tobacco 3.3 per cent ahead at 14.70 pounds.
Gallaher, the maker of cigarette brands such as Benson & Hedges, Silk Cut and Mayfair in Britain and long the subject of takeover rumours, put out a statement late Wednesday that it had received an approach which may lead to a bid after its shares had risen 3.1 percent on Tuesday. Shares in Japan Tobacco, the world's third-largest tobacco group, climbed almost 6 per cent on Thursday and closed up 4.8 per cent at 529,000 yen and not far off its year-to-date high of 538,000 yen. Japan Tobacco declined to comment on what it called market speculation, while Gallaher declined to identify the company behind the bid approach. (pi)

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