British American to Suspend Share Buybacks

By Dow Jones Business News, 
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By Rory Gallivan

LONDON-- British American Tobacco PLC (BATS.LN) Tuesday said it will suspend its share buyback program from July 30 after agreeing to invest $4.7 billion in Reynolds American Inc. ( RAI ) to retain its 42% stake in the company.

The decision follows a deal by Reynolds American to buy fellow U.S. tobacco company Lorillard for $27.4 billion.

-British American shares at 1116 GMT, down 16 pence, or 0.45%, at 3,580 pence valuing the company at GBP66.77 billion ($114.2 billion.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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This article appears in: News Headlines

Referenced Stocks: BMT , BTI , LO , RAI

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