British American Tobacco clinches $49bn deal for Camel’s maker firm

British American Tobacco reached agreement to buy full control of Reynolds American with a sweetened $49.4bn (€46.3bn) offer, bringing a successful end to almost three months of bartering with the maker of Camel cigarettes.

BAT increased the cash element of a cash-and-share bid for the 58% of Reynolds that it does not already own.

The new offer values each Reynolds share at $59.64 (€55.83), the London-based company said, about 5.6% more than the $56.50 (€52.89) it proposed last October.