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BAT confirms possible offer for Souza Cruz minorities
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
For immediate release: Monday 23 February 2015
BAT confirms possible offer for Souza Cruz minorities
Following on from the recent announcement by Souza Cruz, British American Tobacco (BAT) confirms
that it is evaluating a possible public tender offer to acquire up to all of the 24.7% of Souza Cruz
shares which are not currently owned by BAT and to delist the company.
Any offer for Souza Cruz’s shares would be at a price per share of R$26.75, to be paid in cash, in
Brazilian Reais, and to be reduced by any dividend paid by Souza Cruz. A price of R$26.75 per share
would represent a premium of 30.0% to Souza Cruz’s volume weighted average closing share price
over the three months to Friday 20 February 2015 (being the last trading day before the date of
announcement).
The consummation of the offer is still subject to, inter alia, BAT’s Board approval and the finalisation of
an appraisal report by an independent evaluator which is required in accordance with the relevant
Brazilian rules. There can be no certainty that any offer will be made, the related terms of any such
offer nor that any delisting will occur.
ENQUIRIES
Press Office Investor Relations
Will Hill / Anna Vickerstaff Mike Nightingale / Rachael Brierley
+44 (0) 20 7845 2888 (24 hours) + 44 (0) 20 7845 1180 / 1519
Deutsche Bank UBS
Nigel Meek / James Ibbotson James Robertson / Hadleigh Beals
+44 (0) 20 7545 8000 + 44 (0) 20 7568 1000
NOTES TO EDITORS
BAT is a global tobacco Group with brands sold in more than 200 markets. It employs more than
57,000 people worldwide and has over 200 brands in its portfolio, with its cigarettes chosen by one in
eight of the world’s one billion smokers. BAT has leadership in more than 60 markets around the
world. The Group generated £5.5 billion profit from operations in 2013.
BAT is being advised by Deutsche Bank and UBS.
For further information:
www.bat.com
www.bat.com/annualreport
www.bat.com/sustainability
www.flickr.com/photos/welcometobat
www.youtube.com/welcometobat
Twitter: @BATPress
Disclaimers
Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFIN - Federal Financial
Supervisory Authority). Deutsche Bank AG, London Branch is further authorised by the Prudential Regulation
Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation
Authority. Deutsche Bank is acting for British American Tobacco and no one else in connection with the contents
of this Announcement and will not be responsible to anyone other than British American Tobacco for providing the
protections afforded to its clients or for providing advice in connection with the contents of this Announcement or
any matter referred to herein.
UBS Limited is authorised by the Prudential Regulation Authority and in the United Kingdom is regulated by the
Financial Conduct Authority and Prudential Regulation Authority. UBS Limited is acting for British American
Tobacco and no one else in connection with the contents of this Announcement and will not be responsible to
anyone other than British American Tobacco for providing the protections afforded to its clients or for providing
advice in connection with the contents of this Announcement or any matter referred to herein.
23 February 2015
Sponsor: UBS South Africa (Pty) Ltd
Date: 23/02/2015 02:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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