British American Tobacco (BAT) has announced that its shareholders have approved a move to acquire a 57.8% stake in Reynolds American. The proposed acquisition has also been approved by the shareholders of Reynolds tobacco company.
“We are delighted with the overwhelming support we have received, both from BAT shareholders and from Reynolds shareholders," said BAT chief executive, Nicandro Durante.
Proposed Deal
BAT has said that the transaction is expected to be completed by the end of this month, and on the day of completion the company will commence trading on the New York Stock Exchange under the existing trading symbol 'BTI'.
"We look forward to welcoming Reynolds group employees to British American Tobacco," added Durante. "And to realising the benefits of operating these two great companies as one stronger, global tobacco and next generation products business with direct access for our products across the most attractive markets in the world.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
