British American Tobacco (BAT) said on Thursday it had raised $17.25bn via a bond issue. The proceeds will help finance the acquisition of Reynolds American in a $47bn-plus deal, which BAT concluded late in August. BAT is the biggest share on the JSE‚ with a market capitalisation of R2.1-trillion‚ followed by Naspers with a market valuation of R1.26-trillion. Reynolds is the number two player in the US market, with three out of the four top-selling cigarette brands, according to BAT.
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