BATS British American Tobacco Plc

By Ian Walker

LONDON--British American Tobacco PLC (BATS.LN) said Tuesday it has launched a public tender offer to buy the remaining 24.7% of Brazil's Souza Cruz SA (CRUZ3.BR) it doesn't already own at 26.75 Brazilian real ($9.29) a share and delist the company.

BAT, which has brands sold in more than 200 markets, said the offer price is a 30% premium to Souza Cruz's average closing share price over the past three months. It will be reduced by any dividend paid by Souza Cruz.

BAT said last month that it was considering an offer to buy the shares in Souza Cruz.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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