Dash for ash

In a market ablaze with bid rumours, it was only a matter of time before the idea that Imperial Tobacco was prepa-ring a E14.3bn takeover of Altadis reignited. The UK cigarette maker is a self-declared predator. Spain’s Altadis has been on most tobacco groups’ wishlists for a long time. A deal may not be imminent. Imperial is buying back shares on an ongoing basis, most recently on Monday. Under UK takeover rules, that would generally preclude a big deal in the short term - although there are ...