Breathing space

19 March 2007 By John Foley

The UK tobacco group s E45 a share bid for its Spanish rival has been rebuffed. But synergies alone don t justify much more. True, financial engineering gives Imperial some scope to offer a higher price. But only at the risk of becoming a takeover target itself.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

 

Email a friend

Please complete the form below.

Required fields *

*
*
*

(Separate multiple email addresses with commas)