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Jakarta Post

BAT, Bentoel shareholders approve planned merger

  • The Jakarta Post


  /   Sat, December 5 2009   /  01:40 pm

Shareholders in PT British American Tobacco (BAT) Indonesia and PT Bentoel International Investama approved Friday the proposed merger of the two companies to challenge the domination of big players in the country's lucrative cigarette market. A statement issued Friday said 99.99 percent of shareholders in Bentoel, the country's fourth-largest tobacco company, and 86.62 percent of shareholders in BAT Indonesia, the local unit of Europe's biggest tobacco company, had approved the merger in separate extraordinary meetings. The merger plan follows the acquisition in June of Bentoel shares by BAT Indonesia in a deal worth US$494 million. Under the deal, BAT bought 85 percent of Bentoel at a price of Rp 873 (9 US cents) a share. The statement said that under the proposed merger, all BAT Indonesia shares would be exchanged for Bentoel shares at a ratio of 7.68 percent Bentoel sh...