British tobacco-based conglomerate BAT Industries PLC, which...
British tobacco-based conglomerate BAT Industries PLC, which is trying to expand its holdings in the U.S. insurance industry, said that it believes it can satisfy U.S. requirements in its bid to take over Farmers Group. BAT, through its U.S. subsidiary, Batus Inc., is bidding $63 a share for Farmers Group, the seventh-biggest U.S. insurance company, valuing it at $4.5 billion. Farmers has rejected the offer, BAT’s second, as inadequate.
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