Reynolds American to end joint venture |
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Published
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Tue, 22 May 2007 16:22
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NEW YORK (AP) - Reynolds American Inc., the nation's second-largest tobacco company, will end a joint venture between its subsidiary R.J. Reynolds Tobacco CV and Gallaher Group PLC, according to a regulatory filing on Monday.In a filing with the Securities and Exchange Commission, Reynolds said Japan Tobacco Inc. acquired Gallaher in April and notified Reynolds it has elected to terminate the venture, formed in 2002 to market American-brand cigarettes in Italy, France and Spain.The termination date has been set at Nov. 30.After the venture ends, the value of all of the trademarks each joint venture member has licensed to the joint venture will be tallied. The company with trademarks with a greater value will be required to pay the other party an amount equal to one-half of the difference between the value of the parties' respective trademarks.Shares fell 69 cents to $66.02 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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