British American Tobacco could make more acquisitions in Indonesia after its purchase of a majority stake in the country's fifth-largest cigarette maker for $494m.
The group, maker of Dunhill and Lucky Strike cigarettes, said its 85 per cent stake in Bentoel Internasional Investama would give it a foothold in Indonesia's lucrative kretek – or clove-flavoured cigarette – market, which accounts for 93 per cent of the country's tobacco sales.
Ben Stevens, BAT's finance director, said there could be further room for consolidation given that the deal would lift BAT's market share by volume in Indonesia only from 2 per cent to 8 per cent, leaving it a small operator in the world's fifth-biggest tobacco market.
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