Tabacalera has announced that it has no intention of selling its 23.67% stake in Inmobiliaria Zabálburu “for the moment”, when it informed the Spanish stock Market Commission (CNMV) of its decision not to accept Bami’s offer.
However, the statement has sparked speculation that a sale in the future is a possibility despite the initial rejection, and Tabacalera sources have refused to deny that the offer will discussed at the company’s board meeting on 30th September.
Speculation is mounting over what the final outcome will be, with several possibilities being thrown about. While Tabacalera may encourage the smaller stock holders to sell their shares, Bami could also launch a takeover bid. However, if Tabacalera joins forces with Prima, it could counter any takeover attack from Bami, which has no interest in Prima.
Meanwhile, current interest in Tabacalera has seen shares rise to €9.64
Expansion, 22 September 1999, page 10
