Cigarette giants British American Tobacco have backed an Austrian fund to increase its ownership of Bosnian firm Fabrika Duhana Sarejevo to 78.8%, meaning it has acquired their tobacco assets.
An additional 38.8% of Fabrika Duhana Sarejevo has been purchased by Austrian CID Adriatic Investments courtesy for financial banking from British American Tobacco.
It previously bought a 39.9% stake from a Bosnian regional government.
The deal is subject to a vote by FDS shareholders, due diligence by British American Tobacco and further regulatory approvals.
“Upon successful completion of the takeover bid, CID will enter exclusive negotiations with the BAT on the sale of the FDS tobacco business,†said the Austrian fund.
British American Tobacco only appears to be strengthening its position within the tobacco industry by acquiring the Bosnian tobacco company.
In October, they brushed off Brexit fears and made an audacious $47bn swoop for an American tobacco company.
Previously Ordered Items