BAT Butts Into China's Tobacco Market
With an estimated 350 million smokers, China has been the tantalizing, unattainable prize beckoning Big Tobacco. The three largest multinationals -- America's Philip Morris (MO ), Britain's British American Tobacco (BAT), and Japan Tobacco -- have pined for access to the Chinese market, which has been largely closed to outsiders since the Communists nationalized foreign-owned tobacco operations after coming to power in 1949.
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