British American Tobacco seeks £150bn Reynolds tie-up

Proposed merger has long been expected, but timing is a 'surprise', say analysts

Packets of cigarettes in a London shop
(Image credit: CARL COURT/AFP/Getty)

British American Tobacco (BAT) is looking to put the big in "big tobacco" with a potential merger to create a £150bn transatlantic behemoth.

The company has submitted a $47bn (£38bn) offer to buy the 58 per cent of US rival Reynolds it does not already own, says the Financial Times.

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