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B.A.T shareholders okay Imasco takeover-Imasco

10/15/99

BAT shareholder approval, won at a meeting in London earlier on Friday, was one of the conditions for the deal with BAT. Imasco shareholders, other than BAT, must also give the deal their blessing. Montreal-based Imasco said it expected to call in December a January, 2000 meeting at which a vote on the BAT proposal would be held. BAT said last month it saw little interest in keeping Imasco a publicly traded company after it completes its C$10.3 billion offer. BAT plans to divest Imasco's non-tobacco assets and already has an agreement to sell the Montreal-based conglomerate's CT Financial Services Inc. unit for C$7.85 billion to Toronto-Dominion Bank. BAT also wants to sell Imasco's Shoppers Drug Mart/Pharmaprix drug store chain and its Genstar Development Co. property development unit. The British company's bid for Imasco was unveiled early in August. ($1=$1.49 Canadian)

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