Following the close of this results period, British American Tobacco (BATS) completed its acquisition of Reynolds, paying £41.7bn for the remaining 57.8 per cent stake not already owned by the group. Chief executive Nicandro Durante said that the deal would create a “stronger, global” company with a balanced presence between “high-growth emerging markets” and “high-profitability developed markets”. Work has begun to realise projected cost synergies, although earnings per share fell due to the impact of last year’s sale of the international brand rights to Natural American Spirit by Reynolds.
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