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BAT offers USD 47 billion deal to buy Reynolds

BAT offers USD 47 billion deal to buy Reynolds - Insights Success

British American Tobacco has proposed to buy Reynolds American Inc (RAI.N), the U.S. tobacco company in USD 47 billion deal that is expected to bring together Pall Mall, Newport, and Kent cigarettes, the world’s giant tobacco companies.
BAT, which has a 42% stake in Reynolds, said in a statement that its offer valued the company’s shares at USD 56.50, of which USD 24.13 to be in cash and USD 32.37 in BAT shares.
USD 47 billion would be the total consideration for the remaining 57.8%, of which approximately USD 20 billion would be in cash and USD 27 billion in BAT shares, it added.
The deal would create the U.S. market leader and the world’s largest listed tobacco company by net turnover and operating profit, said BAT Chief Executive Nicandro Durante.
“We are proud of the Group’s track record of consistent delivery for shareholders and bringing these two great companies together would further strengthen that delivery in the future,” he added.
The firm had performed well in the first nine months of the year, making both revenues at constant rates of exchange and cigarette volumes, said the BAT.
BAT expects the transaction to add to earnings in the first full year after completion, the company added..

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