AAC Altadis Sa

RNS Number:5883U
Imperial Tobacco Group PLC
10 April 2007


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED
STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN

                                                                   10 April 2007
                           IMPERIAL TOBACCO GROUP PLC
                        REVISED PROPOSAL TO ALTADIS S.A.

Imperial Tobacco Group PLC ("Imperial Tobacco") confirms that it made a revised
proposal to Altadis S.A. ("Altadis") in relation to a possible combination of
Imperial Tobacco and Altadis at a price of Euro 47 per Altadis share in cash.


Imperial Tobacco considers that Euro 47 per share represents a full and fair
price for Altadis. The revised proposal represents a multiple of 13.5x Altadis'
EBITDA for the year ended 31 December 2006 (taking into account Altadis' net
debt and the interests of minority shareholders in Logista S.A.).


Imperial Tobacco also requested access to limited due diligence information in
order to establish whether there may be additional value which it had not taken
into account in its revised proposal.


The Board of Altadis has rejected the revised proposal and has not granted
Imperial Tobacco's request for limited due diligence to establish whether there
may be additional value.


Imperial Tobacco continues to believe that a combination with Altadis is
strategically compelling and in the interests of both companies' shareholders.


Further announcements will be made as appropriate.


Enquiries:
Imperial Tobacco                               

Simon Evans                                      Telephone: +44 (0)117 933 7375
Group Media Relations
John Nelson-Smith                                Telephone: +44 (0)117 933 7032
Investor Relations

Citigroup Global Markets Limited                 Telephone: +44 (0)20 7986 4000
(financial adviser to
 Imperial Tobacco)                                             
Ian Carnegie-Brown
Ian Hart
Mark Todd
Manuel Falco                                     Telephone: +34 (0)91 538 4411
                                                              
Hoare Govett Limited (joint corporate broker     Telephone: +44 (0)20 7678 8000
to Imperial Tobacco)                         
                                                      
Hugo Fisher                                      

Lehman Brothers Europe Limited                   Telephone: +44 (0)20 7102 1000
(financial adviser to Imperial 
Tobacco)                                                      
Ludovico del Balzo
Adrian Fisk

Morgan Stanley & Co. International Limited       Telephone: +44 (0)20 7425 5000
(financial adviser and joint corporate broker
 to Imperial Tobacco)               
Paul Baker

Bell Pottinger Corporate & Financial                          
                                                              
Stephen Benzikie                                 Telephone: +44 (0)207 861 3879
Ben Woodford                                     Telephone: +44 (0)207 861 3917

Citigroup Global Markets Limited, Hoare Govett Limited, Lehman Brothers Europe
Limited and Morgan Stanley & Co. International Limited which are authorised and
regulated in the United Kingdom by the Financial Services Authority, are acting
exclusively for Imperial Tobacco and no one else in relation to the matters
referred to in this announcement and will not be responsible to anyone other
than Imperial Tobacco for providing the protections afforded to clients of
Citigroup Global Markets Limited, Hoare Govett Limited, Lehman Brothers Europe
Limited and Morgan Stanley & Co. International Limited nor for providing advice
in relation to these matters, the content of this announcement or any matter
referred to herein.

Copies of our announcements are available on our website:
www.imperial-tobacco.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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