Tobacco group Altadis upbeat

Daily Star Egypt Staff
1 Min Read

PARIS: French-Spanish tobacco group Altadis is confident about its prospects and is examining possible deals in Egypt and Algeria, the company s chairman said in a newspaper interview published on Monday. Jean-Dominique Comolli told French paper La Tribune that despite difficult market conditions, Altadis was confident over its strategy and said the company could maintain its level of performance. Comolli also told La Tribune that Altadis could increase the price of its cigarettes in France, although he conceded that this topic was very sensitive. Comolli added that Altadis aimed to be a player in any sector consolidation. He said Altadis was examining possible opportunities in Egypt, which is privatizing its tobacco sector, and would also look at any opportunities in Algeria if that country also decided to privatize its tobacco industry. Asked about market rumors that British rival Imperial Tobacco might bid for Altadis, Comolli replied that it was a matter for Imperial Tobacco to comment on and that Altadis had to learn to live with such speculation. In May, Altadis reported a 9 percent fall in first-quarter net profit. Reuters

Share This Article
Leave a comment