BAT signs agreement with Aberdeen on Souza Cruz

20th Aug 2015 14:47

(ShareCast News) - British American Tobacco confirmed on Thursday that it has signed a deal with Aberdeen Asset Management relating to its proposed offer to acquire up to all of the 24.7% of Brazilian tobacco company Souza Cruz shares it does not currently own and to delist the company.Under the terms of the agreement, Aberdeen, which has a 4.5% stake in Souza, will consent to the delisting of the company and sell all of its shares to BAT as part of the process.The company said that the review of the tender by the Comissao de Valores Mobiliarios is ongoing and BAT is awaiting its approval. BAT said it should be in a position to launch the offer should it decide to do so in September 2015.Shares in BAT, which filed to delist Souza in May this year, were down 2.1% to 3,580.50p at 1457 BST, as the stock went ex-dividend on Thursday.