Bids for Tekel could reach $4bn

Six of the world’s largest tobacco companies are preparing to bid for the cigarette arm of the Turkish state group Tekel, in a contest that could fetch up to $4bn, according to bankers.

British American Tobacco, Japan Tobacco, Imperial Tobacco, Philip Morris, Altadis, the French Spanish venture, and the Korean Tobacco and Ginseng Company are expected to make offers on September 26, the deadline for submitting bids.