(May 24, 2016, (Bloomberg))--Japan Tobacco Inc., the seller of Camel and Winston cigarettes outside the U.S., made the highest bid to acquire 40 percent of Ethiopia’s monopoly tobacco company, according to the government.
The $510 million offer to buy a stake in National Tobacco Enterprise was more than double the next highest bid of $230 million by British American Tobacco Plc, said Wondefrash Assefa, a spokesman for the Public Enterprises Ministry.
A decision is expected in the “coming weeks” followed by 120 days to negotiate, according to Eva Hoeffelman, media relations director for Tokyo-based Japan Tobacco. The company’s bid is in line with its strategy of building up a presence in Africa and other emerging markets, she said in an e-mailed response on Monday.
“We believe in the value of NTE and its future profitability and we are confident that, if we are confirmed to have had the winning bid, we can replicate our successes in other African countries such as Tanzania and Sudan,” said Hoeffelman. Read more from Bloomberg »
The $510 million offer to buy a stake in National Tobacco Enterprise was more than double the next highest bid of $230 million by British American Tobacco Plc, said Wondefrash Assefa, a spokesman for the Public Enterprises Ministry.
A decision is expected in the “coming weeks” followed by 120 days to negotiate, according to Eva Hoeffelman, media relations director for Tokyo-based Japan Tobacco. The company’s bid is in line with its strategy of building up a presence in Africa and other emerging markets, she said in an e-mailed response on Monday.
“We believe in the value of NTE and its future profitability and we are confident that, if we are confirmed to have had the winning bid, we can replicate our successes in other African countries such as Tanzania and Sudan,” said Hoeffelman. Read more from Bloomberg »
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