煙草在線據iNVEZZ.com報道編譯　　《時報》5月12日報道稱，英國最大的煙草公司——英美煙草公司聘請銀行家對美國數十億英鎊的并購機會提供建議，包括與雷諾美國和羅瑞拉德煙草公司達成交易的可能性。

　　該報引用了未具名的“City sources”的話稱，該煙草巨頭已邀請德意志銀行與它的長期財務顧問瑞士聯合銀行（UBS），共同對它應該如何在美國尋找交易對象以及如何對交易進行融資做研究。消息人士表示，自去年年底以來，英美煙草公司一直在美國尋找潛在的并購機會。

　　在5月12日的交易中，截至英國夏令時14時21分，英美煙草的股價上漲了1.3%，達到3461.50便士。自今年年初以來，該公司的股價已大約上漲了7%。

　　在該英國公司與美國第二大煙草公司雷諾美國之間的合約到期的幾個月前，有關英美煙草有意在美國尋求交易的猜測就出現了。10年前，在簽訂了不會惡意收購的協議之后，英美煙草收購了它的美國同行42%的股份。然而，該協議將在今年7月到期，似乎促使這家英國公司開始研究在大西洋地區的收購機會。

　　對于英美煙草來說，其中的一個選擇就是收購雷諾公司的剩余股份。另一個選擇是允許雷諾收購新港薄荷卷煙制造商——羅瑞拉德公司。第二個選擇也會使英美煙草收購羅瑞拉德公司的部分品牌。

　　不過，這種三方交易會較為復雜，因為英美煙草可能會因為競爭壁壘被迫把品牌出售給競爭對手。City的普遍看法是，收購雷諾公司，然后對羅瑞拉德提出潛在的收購計劃，對這家英國煙草巨頭來說是一個更好的選擇。

　　英美煙草或通過收購削弱增長緩慢的影響

　　由于雷諾和羅瑞拉德的市場價值分別為310億美元和215億美元，所以不管英美煙草做出哪種選擇，都可能是該公司未來幾年中最大的一筆煙草交易。一些分析人士認為，英美煙草公司可能計劃通過大手筆的收購來削弱未來幾年增長緩慢的影響。

　　《時報》援引花旗銀行的亞當·斯皮爾曼的觀點稱：“英美煙草公司的管理層可能會積極探索增長機遇，因為我們預測該公司的每股收益在2014年將因外匯而下降大約3%……不久后，英美煙草很可能會收購雷諾公司的剩余股份。”

　　一些分析人士認為，英美煙草也正在考慮對美國的第三家公司進行收購。

評論：

　　英美煙草尋求在美國的收購機會，從當前來看，其目的可能是通過大手筆的收購來削弱未來幾年增長緩慢的影響。不過，從英美煙草100多年的發展歷史來看，其發展的歷史，就是其兼并收購擴張的歷史，而且英美煙草一直有成為世界煙草界老大的夢想，收購兼并是最有力的擴張工具。美國是一個成熟的煙草市場，盡管近幾年來卷煙的銷量在逐步下滑，但是從市場老大奧馳亞的業績來看，其業績在逐步攀升，從而可以看出美國仍是一個有利可圖的煙草市場。從這一點來說，英美煙草想更大程度地涉足美國市場，也在情理之中。此外，最近兩年來美國的煙草訴訟熱潮有消退的跡象，在這個時候考慮進入，訴訟風險也小一些。最后，無論英美煙草是收購了雷諾美國的其余股份，還是收購了羅瑞拉德，毫無疑問，英美煙草的實力將再次擴張，與世界巨頭菲莫國際的差距也就進一步縮小了。

BAT Considers Tobacco Mega-deal in the US

　　The Times today reported that British American Tobacco Plc, the UK's largest tobacco company, has hired bankers to advise on multibillion-pound acquisition opportunities in America, including possible deals with Reynolds American and Lorillard Tobacco Company.

　　The paper cited unnamed 'City sources', according to whom, the tobacco giant has asked Deutsche Bank to work alongside its long-standing financial adviser UBS on how it should pursue and finance deals in the US. The sources said that British American Tobacco (BAT) had been looking at options for potential US acquisitions since late last year.

　　In today's trading, BAT shares rose 1.3 percent to 3,461.50p as of 14:21 BST. The company's stock has advanced some seven percent since the start of the year.

　　Speculation about BAT's interest in US deals arises just months before the end of a contract between the British firm and America's second-largest tobacco company, Reynolds American. BAT acquired a 42-percent stake in its US peer a decade ago, signing an agreement not to make a hostile offer. The agreement, however, ends this July, which, it seems, has prompted the British firm into studying its acquisition options across the Atlantic.

　　One such option for BAT is to make an offer for the rest of Reynolds. Another one is to green light an acquisition by Reynolds of Lorillard, the maker of Newport menthol cigarettes. The second option also involves BAT's purchase of some of Lorillard's brands.

　　The three-way transaction, however, is more complicated, as BAT could be forced to sell brands to rivals due to competition barriers. The prevalent view in the City is that buying Reynolds and then launching a potential takeover bid of Lorillard is a better option for the UK tobacco giant.

　　Slowing growth

　　Regardless of which option, BAT chooses to pursue, it would likely be the firm's biggest tobacco deal in years, given Reynolds' and Lorillard's market values of $31 billion and $21.5 billion, respectively. Some analysts have suggested that the company may be planning to use a huge acquisition to offset slowing growth over the next few years.

　　The Times quoted Citigroup's Adam Spielman as observing: "BAT management may explore growth options creatively, given we forecast earnings per share will fall about 3 per cent in 2014 due to foreign exchange … it is quite likely that BAT does buy the rest of Reynolds fairly soon."

　　According to some analysts, BAT had also been looking at a third US-based company. Enditem