Glenboden M & A Originations
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BAT acquisition of Bentoel provides valuation benchmark in tobacco - This is the first significant tobacco deal, since Philip Morris International bought the 60% of Rothmans in Canada, that it didn't already own, in the middle of 2008. It provides a valuation benchmark, albeit in the atypical Indonesian tobacco market; it also confirms that, unlike in other FMCG sectors, a no.4 player in a market can still have value, in the cigarette business. More deals could follow, if JTI and imperial get their act together in the huge Indonesian market. Read More
BAT makes further regional tobacco deal with acquisition of SkanTabak - Where there were seven major international cigarette majors two years ago, there are now only four left. With ST now gone, there are arguably no more ‘regional’ champions left in Europe either. Read More
BAT's acquisition in Turkey shows that independent national champions are still available in tobacco - This deal in Turkey shows that, although this global tobacco consolidation round may be over, there are still a number of independent, national market leaders available, in attractive developing geographies. Read More
Imperial’s acquisition of Altadis ends this round of tobacco consolidation - Anticipate that both Philip Morris and BAT will continue to acquire national no. 1 or no.2 brands, often through privatizations, all over the globe. Also potential for secondary sales after the Altadis deal, in particula Read More
Imperial Tobacco bid for Altadis brings both of them into play as acquisition candidates for BAT - An Altadis-Imperial tie-up is too much of a ‘marriage of equals’, since both have about 2 -3% global volume share. The real acquirer should be BAT, global no.2 with 12% volume share, Read More
Imperial’s acquisition of Commonwealth Brands shows that smaller players still have value in tobacco - This deal shows that tobacco is a business where even smaller players can make good money, and be attractive acquisition candidates; one can expect to keep seeing ‘roll-ups’ of such smaller players, around the world. Read More
Philip Morris confirms its ‘local champion’ acquisition approach in buy-out of Pakistani tobacco partner - If you want to find acquisition targets for PMI, around the world, you just need to identify the no.1 tobacco player in an emerging geography which the global players haven’t yet carved up between them. Read More
Japan Tobacco’s acquisition of Gallaher triggers a new global consolidation round - 10 global tobacco companies have been consolidated down to five, within a decade. Our tip is for BAT to acquire Imperial Tobacco next. Read More
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