BAT, Swedish Match to present joint offer for Italy's ETI
British American Tobacco PLC and Swedish Match AB will present a joint offer for tobacco manufacturer ETI SpA, which the Italian government is privatising, news agency Radiocor said citing financial sources close to the deal.
TPG NV unit TNT Logistics is expected to pull out of the bidding process, the news agency said.
Tomorrow is the deadline to present preliminary offers for ETI.
According to Radiocor, Altadis SA and Equinox are expected to present a joint offer, while other bidders are Japan Tobacco Inc, Imprenditori Associati, Aurelia Srl and Federazione Italiana Tabaccai.
The economy ministry expects to raise 1.4 bln eur from the sale of ETI.
