Both factors have deep roots, reflecting Gallaher and Imperials ownership before their stock market flotations by, respectively, American Brands and Hanson, the UK conglomerate. Imperial, floated this month, was subject to the ruthless Hanson managerial style.
It became the lowest cost cigarette producer among leading companies, according to Hoare Govett, Imperials broker. Imperial generated about 8.7 million of operating profit per one billion of cigarettes made last year, against
