British American Tobacco and Reynolds American said the nearly USD 50 billion (EUR 44.6 billion) takeover of RAI by BAT could be completed by 25 July, pending shareholder approvals at the two cigarette makers.

BAT and RAI shareholders will meet separately on 19 July to approve the offer, the companies said. BAT currently owns 42 per cent of RAI, and is seeking to acquire the remainder. “Subject to the satisfaction or waiver of the conditions as set out in the merger agreement, including approval of shareholders of both BAT and Reynolds, the expected effective date of the completion of the Proposed Acquisition is on or around 25 July 2017,” BAT said.