Sofia/London — British American Tobacco (BAT) said on Wednesday that it has agreed to buy a raft of cigarette brands from Bulgaria’s Bulgartabac for more than €100m. The acquisition of the Victory, Eva Slim and GD marques will lift BAT’s local market share to 40% from the current 12%, BAT said. The tobacco giant will also acquire distribution and retail assets in Bulgaria and within the wider Adriatic region, although the deal is still subject to regulatory approval. Bulgaria’s tobacco market is worth almost €1bn annually and the Balkan country has one of the highest smoking rates in the EU. BAT regional chief Richard Widmann said the country has a "very bright future". Reuters reported on Wednesday that the UK Supreme Court has denied the tobacco industry permission to appeal a new plain-packaging law, meaning that from next month, as planned, all tobacco products sold in the UK will have dark brown packaging and no branding. The new law aims to discourage the smoking habit with dr...
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