We expect British American Tobacco to complete its proposed acquisition of Reynolds American.
After analysing the potential cash-flow impact from British American Tobacco’s offer to acquire Reynolds American, we are uninspired by the deal. The deal currently on the table is value-neutral for British American, and any sweetening of the deal may be value-destructive. We also don't think the deal would materially enhance British American's wide economic moat rating. On the other hand, we accept that this is the best option in British American's acquisition opportunity set, and given the lim...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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