(MENAFN) Creating the world's biggest listed tobacco company, British American Tobacco agreed to pay USD49.4b takeover of US rival Reynolds American Inc.
BAT already owned 42% of Reynolds, intends to pay USD29.44 in cash and 0.5260 shares of public Reynolds share.
The maker of Camel and Newport cigarettes, Reynolds, discarded an approach in November, although the two sides remained in talks.
BAT Chief Executive Nicandro Durante said: "It will create a stronger, global tobacco and NGP (next generation products) business with direct access for our products across the most attractive markets in the world."
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