Take-over by BAT gets the nod

The Star Early Edition - - COMPANIES -

SHARE­HOLD­ERS have signed off on a takeover of Reynolds Amer­i­can by ri­val Bri­tish Amer­i­can To­bacco (BAT), cre­at­ing the world’s largest listed to­bacco com­pany. A to­tal of 98.7 per­cent of the share­hold­ers in Reynolds, which pro­duces brands such as Camel, agreed to the deal, while 99.9 per­cent of the share­hold­ers in BAT gave their con­sent, the two com­pa­nies said on Wed­nes­day. The deal, which should be fin­ished by Tues­day, gives BAT the re­main­ing 57.8 per­cent of the shares in its US-based ri­val, in ad­di­tion to the 42.2 per­cent it al­ready owns. BAT is pay­ing a to­tal of $54.5 bil­lion (R707bn) for the shares. The deal cre­ates the world’s largest listed to­bacco com­pany by net turnover and op­er­at­ing profit and in­cludes brands such as New­port, Kent and Pall Mall. – dpa

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.