Merger clears hurdle

The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to British American Tobacco’s proposed acquisition of Reynolds American Inc. has expired without a request for additional information by the U.S. Department of Justice or the U.S. Federal Trade Commission.

The expiration of the Act’s waiting period satisfies the transaction closing condition related to U.S. antitrust approval.

The transaction still requires approval by RAI and BAT shareholders and regulatory clearance from Japan, and is subject to the satisfaction or waiver of the other closing conditions specified in the merger agreement.

The companies expect the transaction to close in the third quarter of 2017.