"We believe these definitive terms offer excellent value for shareholders," BAT Industries chairman, Lord Cairns said. Other details including the arrangements for joint control remain the same. The deal is subject to regulatory consent and shareholder approval and is not likely to become final until the second half of 1998. but the terms are now binding and will not be subject to further adjustment. ZFS will be one of the largest insurance and asset management groups in the world with gross premium income of $40bn, assets under management of $342bn and 68,000 employees.
BAT shares fell 7.5p to 533.5p yesterday.Reuse content