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Tobacco Products
Cigarette maker Reynolds to buy Lorillard for $27.4 billion
Cigarette maker Reynolds to buy Lorillard for $27.4 billion

Reynolds American Inc., the producer of Camel and Pall Mall cigarettes, agreed to buy rival Lorillard Inc. for $27.4 billion including debt in a deal that reduces the 400-year-old U.S. tobacco industry to two major competitors. Reynolds will pay a mixture of cash and stock valuing each Lorillard share at $68.88, according to a statement. British American Tobacco Plc will maintain a 42 percent stake in Reynolds. Imperial Tobacco Group Plc of the U.K. will acquire brands including Kool and blu e-cigarettes for $7.1 billion. After decades of anti-tobacco health campaigns, slumping demand has put pressure on the industry to consolidate. U.S. cigarette shipments fell by a median of 2.9...