Cigarette maker BAT warns US brands have no long-term future, plans $31.5B writedown

Cigarette maker BAT warns US brands have no long-term future, plans $31.5B writedown

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British American Tobacco said it would take a hit of around $31.5 billion as it writes down the value of some US cigarette brands, acknowledging on Wednesday that its traditional market has no long-term future. BAT shares fell as much as 10.2% in London to their lowest since September 2010.…

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