Joint Venture

New York, NY: (Feb-21-08) Reynolds American Inc. brought a lawsuit against an affiliate of Gallaher Group PLC, a British tobacco maker, over a joint venture between the two parties. Records stated that the joint venture marketed American-blend cigarettes, primarily in Italy, France and Spain. Sources close to the case revealed that as part of a settlement reached, the Gallaher affiliate will pay Reynolds Tobacco $387 million, according to a filing with the Securities and Exchange Commission. Winston-Salem, NC, based Reynolds said the payment relates to certain trademark values, and that the settlement has impacted company share prices positively. [YAHOO: JOINT VENTURE]

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Published on Feb-22-08