British American Tobacco has proposed a merger with Reynolds, the maker of Camel cigarettes LUCAS JACKSON/REUTERSBritish American Tobacco has offered $47 billion to take control of Reynolds, its American rival, in a bid to create the world’s largest listed tobacco company by turnover. Regulatory rules in the United States have forced the maker of Lucky Strike cigarettes to announce the deal before the start of negotiations with Reynolds. “The proposed merger of our two great companies is the logical progression in our relationship and offers all shareholders a stake in a stronger, truly global tobacco and next generation products company,” Nicandro Durante, chief executive of BAT, said. The $56.60-a-share offer for the remaining 58 per…

Source: The Times October 21, 2016 07:52 UTC