BAT buys 85% of Indonesian cigarette maker

British American Tobacco agrees to buy the Rajawali GroupÆs 56% holding in PT Bentoel at a 20% premium as part of a wider $494 million deal.

British American Tobacco BAT said yesterday that it has paid $494 million for an 85% stake in PT Bentoel Internasional Investama, Indonesia's fourth biggest cigarette maker.

The UK-based company paid the equivalent of Rp873 nine US cents per share, which represents a 20% premium over Bentoel's June 15 closing price of Rp730. Alongside other sellers, Bentoel's majority shareholder, the Rajawali Group, agreed to sell its 56% holding. The investment group, whose interests span across mining, plantations and property, bought...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: bat | bentoel | rajawali | kretek

Print Edition

FinanceAsia Print Edition