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British American Tobacco to Write Down $31.5 Billion on U.S. Brands

Updated Dec. 6, 2023 11:43 am ET

British American Tobacco is reserving a $31.5 billion cost to slash the worth of its U.S. cigarette enterprise, one of many greatest company write-offs in current historical past.

The accounting cost, largely stemming from its 2017 takeover of the U.S. maker of Newport and Camel cigarettes, approaches the worth erased by the failed merger of AOL and Time Warner. The media firm took a $45.5 billion charge in 2003 a number of years after its deal.

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