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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:ALTADIS (TABACALERA)

Image of ALTADIS (TABACALERA)
ALTADIS (TABACALERA)

ACTIVITY

Constituted in 1945 from the old Compañía Arrendataria del Monopolio de Tabacos, Tabacalera, S. A. was participated by the State with 52.36 per cent at the moment of its privatization in April 1998. Currently its name is Altadis.
Deals
Type of deal Buyers Date SEPI CCP's report Government approval
IPO 03/03/1998 March 1998 01/03/1998
Bought Deal Deutsche Bank 01/04/2005 March 98 March 98

ACTION ON ALTADIS (TABACALERA)

Privatization of Tabacalera (1998):


The IPO carried out generated a global demand which was 15 times the offer made. The award price for the general public was of 19.3 Euros per share, and the gross income amounted to 1.75 Million Euros. Once it was over, the State kept the ownership of the remaining capital, as a result of the partial exercise of the call option granted to the banks which had insured the IPO.


Sale of SEPI´s participation in Altadis (2005):


Altadis is the company resulting from the merger of Tabacalera and SEITA at the end of 1999. The merger took place through an offer for exchanging Tabacaleras´ shares for those of SEITA. Altadis´ shares are listed in the Stock Exchange of Madrid and Paris.

SEPI´s Board of Directors agreed, on the extraordinary meeting held on July 6th, 2005 the sale of 5,882,959 shares of Altadis, S.A. owned by this state-owned companyl, through the method of a ´Bought Deal´ (the sale of shares to a financial entity after receiving different bids and awarding them to the bid with the best price). These shares come from the so-called ´green shoe´ which was not exercised in the Initial Public Offering (IPO) of Tabacalera, carried out in April 1998.

The Board also agreed to award this sale to Deutsche Bank, since this bank had submitted the best financial bids from those submitted by four financial entities, ranked for this deal by this Board of Directors on May 27th, 2005. As a result of the financial bid chosen, the sale price for each of the shares was, before commissions, of 34.57 Euros, which amounts, before commissions are taken in, 203.37 Million Euros.

The sale procedure has been authorized by the Consultative Board for Privatizations and by the Council of Ministers as a result of the Agreement dated on March 1998. The award made to Deutsche Bank also had the favorable report of the deal´s advisor, Analistas Financieros Internacionales (AFI).

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