BAT gets green light to acquire rival Reynolds

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Cape Town - British American Tobacco's (BAT's) [JSE:BTI] $49.4bn proposal to acquire rival Reynolds has been met with approval, a move that will make it the world's largest tobacco company.

The move comes after the maker of Camel rejected a $47bn bid by BAT in November 2016.

Reynolds, the company's former rival, is well positioned as the number two player in the US, presenting BAT an opportunity for direct access in the US market, according to a statement released on Tuesday.

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