Reynolds American and its tobacco unit, R.J. Reynolds, said they plan to cut about 570 jobs, or 10 per cent of their American workforce, to refocus its business.
In a press release, the company said that the extension is procedural, being related to the last remaining regulatory approval required for the transaction, namely a determination of net benefit by the Minister of Industry pursuant to the Investment Canada Act.
Under the Investment Canada Act, the review period runs for an initial 45-day period from the date an application for review is filed. PMI filed its application for review on 31 July 2008 and, accordingly, the offer period is being extended to midnight (Vancouver time) at the end of September 16, 2008, to permit completion of the review. (pi)