British American Tobacco seals multibillion-dollar deal for US-based Reynolds
British American Tobacco (BAT) said on Tuesday that it had completed the acquisition of the remaining shares (57.8%) in US tobacco company Reynolds, in a deal worth more than $47bn that would be settled in cash and shares. BAT is the biggest share on the JSE, with a market capitalisation of R1.8-trillion, followed by Naspers with a market valuation of R1.2-trillion. "Work has already begun to realise the projected cost synergies and we are committed to driving continued, sustainable profit growth and returns for shareholders long into the future," BAT CEO Nicandro Durante said in a statement. The offer will see Reynolds shareholders receive $29.44 in cash for each share. Additionally, Reynolds investors will receive 0.5260 BAT ordinary shares, which will be represented by BAT American Depositary shares. Reynolds shares no longer trade on the New York Stock Exchange and will be de-listed from it as soon as practicable, BAT said. BAT was off 0.81% to R907.37 in mid-afternoon trade on ...
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