BAT-RAI deal approved

Shareholders of British American Tobacco and Reynolds American Inc. yesterday approved the takeover of the latter by the former, a move that involves BAT acquiring the 57.8 percent of shares it doesn’t already hold in RAI.

“We are delighted with the overwhelming support we have received, both from BAT shareholders and from Reynolds shareholders,” BAT’s chief executive, Nicandro Durante, was quoted as saying in a note posted on BAT’s website.

“The transaction is expected to complete on or around 25 July.

“We look forward to welcoming Reynolds group employees to British American Tobacco and to realising the benefits of operating these two great companies as one stronger, global tobacco and next-generation-products business with direct access for our products across the most attractive markets in the world.”