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BAT Profits Rise, Snaps Up Imasco

08/03/99

BAT, the world's second largest cigarette company, with brands such as Lucky Strike and State Express 555, reported first half profits to June 30 of 661 million pounds ($1.07 billion), helped by an absence of any exceptional charges. BAT will pay a minimum of C$40 cash per Imasco share, or 4.2 billion pounds ($6.8 billion), with the final amount depending on the price obtained from the planned sell-off of Imasco's drugstore and property businesses Shoppers and Genstar. As part of the plan, BAT has agreed to sell Imasco's CT Financial Services unit to Toronto-Dominion Bank (NYSE:TD - news).

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