CHINA
The world’s fourth-biggest tobacco company, Imperial Brands, gets a foothold in the largest cigarette market through a joint venture with state-owned China National Tobacco (CNTC).
Hong Kong-based Global Horizon Ventures Ltd. (GHVL) will link Imperial with CNTC’s subsidiary, Yunnan Tobacco, which controls over one-fifth of the Chinese market.“Further tobacco and next-generation product launches, as well as potential M&A opportunities, will also be evaluated by GHVL in due course,” Imperial Brands said. The two firms said the venture will grow Imperial’s West and Davidoff brands in China, and Yunnan’s Jade and Horizon brands globally.