Tobacco Giant BAT Buys Out US Firm Reynolds For $49.4bn
Rukhshan Mir (@rukhshanmir) Published January 17, 2017 | 01:50 PM
LONDON, , (APP - UrduPoint / Pakistan Point News - 17th Jan, 2017 ) - British American Tobacco agreed Tuesday to pay almost $50 billion (47 billion Euros) for control of US firm Reynolds American, creating the world's largest listed tobacco company.
BAT will purchase the 57.8-percent of Reynolds American that it does not already own, BAT said, unveiling an improved cash-and-shares offer after the US giant had rejected its previous $47-billion bid.
The deal brings together a raft of global brands, including BAT products Lucky Strike, Rothmans and Kent, and Reynolds' brands such as Newport, Camel and Pall Mall. The combined company will have a strong foothold in the United States, and a significant presence in high-growth markets including South America, the middle East and Africa.
BAT added it would also create a "truly global" business for fast-growing next generation products (NGP) like e-cigarettes or vaping. "We are very pleased to have reached an agreement with ...
Reynolds and we look forward to putting the recommended offer to shareholders," said BAT Chief Executive Nicandro Durante in a statement. He added that the blockbuster deal "will create a stronger, global tobacco and NGP business with direct access for our products across the most attractive markets in the world".
"We believe this will drive continued, sustainable profit growth and returns for shareholders long into the future."
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From World
-
Slot 'confident' of Liverpool job as 'negotiations' take place
3 hours ago -
Google parent Alphabet's Q1 profits beat estimates: company
3 hours ago -
WADA asks 'independent prosecutor' to examine Chinese swimmers case
4 hours ago -
New York court overturns Harvey Weinstein sex crime conviction
4 hours ago -
Bagnaia and Spanish rivals chase victory at Jerez
5 hours ago -
Russian, Ukrainian strikes kill at least 10 in frontline regions
5 hours ago
-
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
6 hours ago -
Tourism must change, mayor says as Venice launches entry fee
6 hours ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
6 hours ago -
Putin says plans to visit China in May
6 hours ago -
US reinstates open internet rules rescinded under Trump
6 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
7 hours ago