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Serbia sells factories to Philip Morris and BAT for €600m 

Jump to full article: Financial Times (uk), 2003-08-05
Author: John Kipphoff

Intro:

Serbia and Montenegro auctioned off its tobacco industry yesterday, raising a higher-than-expected €600m ($681m) for controlling stakes in two factories sold to Philip Morris International and British American Tobacco.

It followed BAT's €2.3bn acquisition of ETI, the Italian company, last month. In May, Altadis, the Franco-Spanish group, acquired RTM of Morocco for €1.3bn. In September, the Turkish government plans to tender offers for Tekel, the Turkish state tobacco and alcohol monopoly, which could fetch more than $2bn.

Yesterday, Philip Morris said it had agreed to pay €387m for a 66.45 per cent stake in Duvanska Industrija Nis (DIN), Serbia's biggest tobacco factory by volume.

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