Tobacco firm Reynolds 'stubs out $47bn BAT offer'
US cigarette maker Reynolds American has rejected a buyout offer worth $47bn (£38bn) from British American Tobacco, according to reports.
British American already owns 42% of Reynolds, the company behind brands including Camel and Newport.
Last month it proposed buying the rest of the business to create the world's biggest tobacco firm.
But both Reuters and Bloomberg report the deal has been rejected. Reynolds declined to comment on the reports.
British American, which makes brands including Rothmans, has been a shareholder in Reynolds since 2004. The FTSE 100 company is offering $20bn in... read more
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