Imperial Tobacco met takeover target Altadis last week and hopes to make progress towards a friendly deal this month, it said today.
Imperial chief executive Gareth Davis said the meeting was useful and he was patient and optimistic over talks to seal a €12 billion takeover that would join the world's fourth and fifth largest cigarette groups.
Imperial has reached a stalemate in its six-week attempt at a friendly takeover of Altadis, offering €47 a share in cash, or €12 billion, and says it will not be raised without limited due diligence.
But Altadis wants a promise of a higher bid before it will open its financial books to Imperial.
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Imperial announced a 13 per cent rise in half-year earnings today.