“British American Tobacco is the best partner for Reynolds American’s next phase of growth, and together the two companies will create the leading portfolio of tobacco and next-generation products for adult tobacco consumers.”

British American Tobacco, based in London, would pay $59.64 a share for Reynolds American — a 26 percent premium over the company’s closing price before the initial offer. Reynolds, with headquarters in Winston-Salem, N.C., has a 34 percent cigarette market share, with Newport the leading brand in menthol; Pall Mall the leading value brand and Natural American Spirit the fastest-growing premium brand, according to the company. business with direct access for our products across the most attractive markets in the world.”

He added, “We believe this will drive continued, sustainable profit growth and returns for shareholders long into the future,” which is exactly the sort of thing that CEOs say.
British American Tobacco agrees to take over the R. J. Reynolds Tobacco Company for $49.4 billion.