Cigarette giant British American Tobacco (BAT) has offered to buy 58 per cent of Reynolds American for $47 billion as the big tobacco companies step up efforts to maintain profits in the face of falling demand for cigarettes in key markets.
The deal would create the world’s largest publicly-traded tobacco company, overtaking Philip Morris, and would pool brands like Lucky Strike and Camel. BAT has held a 42 per cent stake in the US company for a...
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