Imperial Tobacco Group has hired BNP Paribas and Citigroup to study a hostile bid for Altadis, with the aim of launching a takeover offer of about 44 euros per share before the end of this month, according to an unsourced report in the Lettre de l'Expansion newsletter.

Speculation of a tie-up between the two groups has been rife in recent months, and both companies denied holding merger talks last month. (pi)