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Imperial Tobacco Sets Price Range for Logista I.P.O.

The Imperial Tobacco Group of Britain said on Thursday that the initial public offering of its Compañía de Distribución Integral Logista Holdings unit could value the company at 1.86 billion euros, or about $2.53 billion.

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The offering will return Logista, based in Madrid, to the public markets about six year after Imperial Tobacco acquired full ownership of the business through its Altadis subsidiary.

Imperial Tobacco said it expected Logista to price at €12.50 to €15.50 a share. At the midpoint of that range, Logista would have a market value of  of €1.86 billion. The final pricing is expected to be announced on July 10.

Altadis intends to sell up to 30 percent of its stake in Logista to institutional investors in an offering of as many as 39.8 million shares. Imperial Tobacco, through its Altadis unit, will remain a majority shareholder of Logista.

Logista also distributes tobacco products, books, consumer goods and pharmaceutical products to tobacconists, bookshops, convenience stores and other retail outlets throughout Southern Europe.

In February, Imperial Tobacco announced that it was reviewing its options regarding Logista, including a possible I.P.O.

Logista generated revenue of €1.01 billion for its fiscal year ended Sept. 30.

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