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Reynolds American, Gallaher Sever Ties

Reynolds American to Get $387 Million in Settlement With Gallaher

NEW YORK (AP) -- Reynolds American Inc. said Thursday its tobacco unit has entered into a settlement agreement related to a joint venture with an affiliate of Gallaher Group PLC.

Under the agreement, the Gallaher affiliate will pay Reynolds Tobacco $387 million, according to a filing on Thursday with the Securities and Exchange Commission.

The joint venture marketed American-blend cigarettes, primarily in Italy, France and Spain.

Winston-Salem, N.C.-based Reynolds said the payment relates to certain trademark values. Shares of Reynolds rose 30 cents, or 0.5 percent, to $63.92 in late-morning trading Thursday.

Gallaher is a British tobacco maker.


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