When British American Tobacco Plc bid $47 billion last year to buy the 58 percent of Reynolds American Inc. that it doesn’t own, the coast was clear. BAT’s existing stake nullified the threat of counterbids and regulatory issues looked non-existent. Then Americans voted in Donald Trump.
The president-elect and the Republican-controlled Congress want to slash the 35 percent tax rate for U.S. corporations. Trump wants to cut the rate to 15 percent, while House Republicans are seeking 20 percent.