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Japan Tobacco Makes $510 Million Top Bid for Ethiopia Monopoly

  • Offer is double British American Tobacco’s 2nd-highest bid
  • Ethiopia had the world’s lowest rate of male smoking in 2012

Japan Tobacco Inc., the seller of Camel and Winston cigarettes outside the U.S., made the highest bid to acquire 40 percent of Ethiopia’s monopoly tobacco company, according to the government.

The $510 million offer to buy a stake in National Tobacco Enterprise was more than double the next highest bid of $230 million by British American Tobacco Plc, said Wondefrash Assefa, a spokesman for the Public Enterprises Ministry.