Gallaher's share price fell as analysts' doubt over its plans to acquire rival tobacco group Austria Tabak was borne out by Moody's downgrading the UK group's long-term debt rating.
Gallaher's shares closed at 475p on Thursday, but by 15:30 GMT on Friday (the day the deal was announced) they were trading at 452p. One analyst said: "The deal is quite negative as Austria Tabak is not a very good value company and Gallaher is paying a lot for it, and there are no obvious cost savings. Therefore why do it?"
