British American Tobacco Participates in Reynolds American’s Share Repurchase Program

On November 14, 2011, Reynolds American Inc. (“RAI”) announced that its Board of Directors had authorized the repurchase of up to $2.5 billion of the company’s outstanding common stock over the next two and one-half years. British American Tobacco p.l.c. will participate in the new share repurchase program through its wholly owned subsidiary, Brown & Williamson Holdings, Inc., which owns approximately 42 percent of RAI’s outstanding common stock. Cravath represented British American Tobacco and Brown & Williamson in connection with this transaction.

The Cravath team included partner Philip A. Gelston and associate David E. Owen on corporate matters; and partner Michael L. Schler on tax matters.