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Correction: Reynolds American Story
Erroneously that Japan Tobacco decided to end its joint venture with Reynolds American to market American-brand cigarettes in Italy, France and Spain. ... In a May 22 story about Reynolds American Inc., The Associated Press reported erroneously that Japan Tobacco decided to end its joint venture with Reynolds American to market American-brand cigarettes in Italy, France and Spain.
Instead, it was Reynolds who elected to terminate the venture.
A corrected version of the story appears below.
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 as a result of Japan Tobacco Inc.'s acquisition of Gallaher in April, Reynolds has decided 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.
Top 10 online cigarettes news on Wednesday, February 8, 2012 09:23:42
- Regulate how cigarettes and smokeless tobacco are sold, distributed and advertised. It could restrict advertising aimed at children.
- whose brands include Marlboro and Virginia Slims, is up 20 while Carolina Group
- It could also require manufacturers to list all cigarette ingredients and would ban the sale of candy and fruit - flavored cigarettes.
- However, import quotas is just one of the barriers preventing the sales of Russian cigarettes in Belarus from rising.
- NEW ORLEANS - Suits filed against two cigarette makers over the marketing of LIGHT cigarettes have been thrown out by a federal appeals court.
- add nicotine to its cigarettes, nor does it modify its manufacturing standards to increase nicotine levels over time.
- If the legislation passes, the FDA would be able to cut down on nicotine levels in cigarettes, force tobacco companies to put bigger and more informative...
- Washington, D.C. - The Food and Drug Administration may soon have the power to regulate cigarettes if hearings that the Senate Health, Education, Labor and Pensions Committee are starting on Tuesday come out in favor of it.
- The Prime Minister-s backing calls to ban displays of cigarettes and tobacco in shops.
- She said a tax on cigarettes is appropriate for health programs.
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