On Friday, British American Tobacco PLC (BAT) offered rival tobacco giant Reynolds American $47 billion for the 57.8 percent of the company it doesn't already own. The price — $56.50 a share, or a 20 percent premium over Reynolds' Oct. 20 closing price — values the American company at $81.3 billion, and the combined cigarette behemoth would pass Altria to become the biggest player in the U.S. market, combining the brands Camel, Newport, Pall Mall, Kent, Dunhill, Lucky Strike, and American Spirit. About $20 billion of the offer would be in cash and the other $27 billion in BAT shares.
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