British American Tobacco wants to acquire the remaining stake in Reynolds American it does not already own. Access to Reynolds’s U.S. factory is cited as one reason. Panjiva data shows U.S. tobacco imports increased 27% in the past 12 months, with Reynolds’s increasing 32%. Its main source of supply (69%) is Brazil. While Souza Cruz only provided 10% of its Brazilian supplies in the past 12 months, it is part owned by BAT and so may take share from local competitors TNH, Universal and CTA.
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