Tobacco giant backs £7.5bn takeover

Benson & Hedges and Silk Cut owner Gallaher today backed a £7.5bn (€11.2bn) takeover offer from the world’s third largest tobacco company.

Japan Tobacco – a former state-owned business – made its offer at a 27% premium to Gallaher’s share price prior to the UK company’s announcement last week that it was in discussions regarding a takeover.