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BAT agrees terms to buy Reynolds for $49.4 billion

Reuters - UK Focus

LONDON, Jan 17 (Reuters) - British American Tobacco (Kuala Lumpur: 4162.KL - news) said on Tuesday it had agreed terms to buy U.S. rival Reynolds American Inc after it increased its offer for the 57.8 percent of the company it did not already own to $49.4 billion.

Reynolds shareholders will receive $29.44 in cash and 0.5260 BAT shares for each of their shares under the terms of the deal, representing a 26 percent premium over the stock on Oct (Shenzhen: 000069.SZ - news) . 20.

BAT had previously offered $47 billion, an offer that was rejected for being too low in November.

(Reporting by Paul Sandle; editing by Kate Holton)