烟草在线据iNVEZZ.com报道编译　　《时报》5月12日报道称，英国最大的烟草公司——英美烟草公司聘请银行家对美国数十亿英镑的并购机会提供建议，包括与雷诺美国和罗瑞拉德烟草公司达成交易的可能性。

　　该报引用了未具名的“City sources”的话称，该烟草巨头已邀请德意志银行与它的长期财务顾问瑞士联合银行（UBS），共同对它应该如何在美国寻找交易对象以及如何对交易进行融资做研究。消息人士表示，自去年年底以来，英美烟草公司一直在美国寻找潜在的并购机会。

　　在5月12日的交易中，截至英国夏令时14时21分，英美烟草的股价上涨了1.3%，达到3461.50便士。自今年年初以来，该公司的股价已大约上涨了7%。

　　在该英国公司与美国第二大烟草公司雷诺美国之间的合约到期的几个月前，有关英美烟草有意在美国寻求交易的猜测就出现了。10年前，在签订了不会恶意收购的协议之后，英美烟草收购了它的美国同行42%的股份。然而，该协议将在今年7月到期，似乎促使这家英国公司开始研究在大西洋地区的收购机会。

　　对于英美烟草来说，其中的一个选择就是收购雷诺公司的剩余股份。另一个选择是允许雷诺收购新港薄荷卷烟制造商——罗瑞拉德公司。第二个选择也会使英美烟草收购罗瑞拉德公司的部分品牌。

　　不过，这种三方交易会较为复杂，因为英美烟草可能会因为竞争壁垒被迫把品牌出售给竞争对手。City的普遍看法是，收购雷诺公司，然后对罗瑞拉德提出潜在的收购计划，对这家英国烟草巨头来说是一个更好的选择。

　　英美烟草或通过收购削弱增长缓慢的影响

　　由于雷诺和罗瑞拉德的市场价值分别为310亿美元和215亿美元，所以不管英美烟草做出哪种选择，都可能是该公司未来几年中最大的一笔烟草交易。一些分析人士认为，英美烟草公司可能计划通过大手笔的收购来削弱未来几年增长缓慢的影响。

　　《时报》援引花旗银行的亚当·斯皮尔曼的观点称：“英美烟草公司的管理层可能会积极探索增长机遇，因为我们预测该公司的每股收益在2014年将因外汇而下降大约3%……不久后，英美烟草很可能会收购雷诺公司的剩余股份。”

　　一些分析人士认为，英美烟草也正在考虑对美国的第三家公司进行收购。

评论：

　　英美烟草寻求在美国的收购机会，从当前来看，其目的可能是通过大手笔的收购来削弱未来几年增长缓慢的影响。不过，从英美烟草100多年的发展历史来看，其发展的历史，就是其兼并收购扩张的历史，而且英美烟草一直有成为世界烟草界老大的梦想，收购兼并是最有力的扩张工具。美国是一个成熟的烟草市场，尽管近几年来卷烟的销量在逐步下滑，但是从市场老大奥驰亚的业绩来看，其业绩在逐步攀升，从而可以看出美国仍是一个有利可图的烟草市场。从这一点来说，英美烟草想更大程度地涉足美国市场，也在情理之中。此外，最近两年来美国的烟草诉讼热潮有消退的迹象，在这个时候考虑进入，诉讼风险也小一些。最后，无论英美烟草是收购了雷诺美国的其余股份，还是收购了罗瑞拉德，毫无疑问，英美烟草的实力将再次扩张，与世界巨头菲莫国际的差距也就进一步缩小了。

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