SPAIN/FRANCE - CVC and PAI on row over Altadis split

According to Spanish press reports, the intentional division (allocating 40% of the business to CVC, 30% to PAI and the remainder to Spanish and French investors) as well as an agreement for a counter bid for Altadis have run into trouble.

It is understood that while CVC is prepared to improve the consortium's current offer, PAI is said to be more hesitant. In the meantime, UK-based group Imperial Tobacco has had two bids rejected and it is said to be preparing a bid well above the EUR 50/share the private equity firms are currently offering.

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• Topics
• Buyouts
• Southern Europe
• France