Japan Tobacco to buy Akij Group
Japan Tobacco is buying the tobacco business of Bangladesh's Akij Group for around $1.5 billion. This is the Japanese company's second major purchase in five months as the world's thirdbiggest cigarette-maker seeks new growth markets to offset shrinking sales at home. The $1.5-billion deal, the biggest ever involving a Bangladeshi company, comes after Japan Tobacco had agreed in March to buy Russia's Donskoy Tabak for about $1.42 billion. Akij is Bangladesh's second-biggest tobacco company and holds about 20 per cent of the cigarette market in that country.