Hints and tips:
...BAT’s US subsidiary Reynolds owns the popular Newport and Camel cigarette brands, while BAT’s Vuse vape has a 41 per cent market share in the e-cigarette category, according to Nielsen data....
...Nonetheless, BAT’s writedown sent other tobacco stocks lower, with Philip Morris International’s share price falling by 1.6 per cent and Altria’s shares down 2.8 per cent in New York....
...Now the FTSE 100 company is preparing for a change in leadership, appointing headhunter Russell Reynolds Associates to find a successor to chief executive Andrew Croft, according to people with knowledge...
...Reporting by Valentina Romei, Laura Onita, Sarah Neville, Stephen Morris, Sid Venkatarakrishnan, Oliver Barnes, Oliver Telling and Leke Oso Alabi...
...previously expressed frustration at BAT’s sluggish transition to reduced-harm products, such as vapes, which account for around 14 per cent of group revenues, compared with more than a third for US rival Philip Morris...
...British American Tobacco, with help from its 2017 acquisition of Reynolds, has done a bit better....
...They also highlighted the cigarette maker’s sluggish transition to vapes and heated tobacco products, which account for just a tenth of revenues, compared with more than a third of sales at rival Philip Morris...
...Products from rivals such as BAT subsidiary Reynolds’ Vuse are also popular. Still, Juul’s high profile means it is the target for anti-vaping activism....
...Philip Morris International has struck a $16bn deal to buy Swedish Match, as the tobacco company makes its biggest bet yet on alternatives to cigarettes....
...Last month, BAT’s US subsidiary Reynolds wrote to the FDA pressing them to ban Elf Bar, among other single-use competitors....
...But David Reynolds, analyst at Irish investment bank Davy, said: “We are moving into uncharted territory....
...Even before the FDA formalised its crackdown, the growing regulatory uncertainty had sparked a management shake-up at Juul in 2019 and prompted Philip Morris International to call off talks about a $200bn...
...I discussed these interventions with Fiona Reynolds, who has a good perspective on some of the main issues at stake here after nearly nine years as chief executive of the UN’s Principles for Responsible...
...The lawsuit comes weeks after Reynolds filed its own patent-infringement claim against Altria and rival Philip Morris International over the companies’ heated tobacco products....
...Then at UBS, in 2017 he worked on British American Tobacco’s $49bn takeover of Reynolds American, which created the world’s largest listed tobacco company; and the £4bn acquisition of Ladbrokes Coral by...
...Morris was one of five GE executives who helped negotiate a big tax break for the industrials company in 2005....
...Mr Lakhani became Deutsche’s head of European research a year ago, succeeding Paul Reynolds who left for BNP Paribas....
...Two years ago, their main rival British American Tobacco completed a deal to buy Reynolds American for $49.4bn....
...The rationale is to bolster technological firepower for their e-cigarette brands — the fast growing alternative to cigarettes — and follows British American Tobacco’s $49.4bn merger with Reynolds in 2017...
...“You establish a small entity with a few people on the ground to visit bankers in London, then report back to head office,” Mr Reynolds said....
...The $200bn deal under discussion would reunite Altria with Philip Morris International, the overseas operation it spun off in 2008, in part to shelter shareholders from the legal storm clouds that hung over...
...the vaping brand Blu (along with a handful of other tobacco assets) from RJ Reynolds-Lorillard in 2014....
...She engaged Russell Reynolds, the headhunter, to lead a search to replace incumbent José Antonio Álvarez....
...Exane BNP Paribas has hired Deutsche Bank’s former head of European, Middle Eastern and African equity research, Paul Reynolds, according to people familiar with the move....
...In 2015 a court in Montreal ordered C$10bn to be paid by BAT’s Canadian subsidiary, as well as fines to competitors Japan Tobacco and Philip Morris....
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