Shifts in Britain's $3.6 billion tobacco industry have bankers and investors doing a not-so-slow burn. It all began when a fight for control of Gallaher Ltd., the industry's second largest company ($940 million in annual sales, 27% of the market), turned into an all-American battle between Philip Morris and American Tobacco Co. With more and more of their industries being bought out by U.S. corporations, Britons were scarcely cheered to see another such move. What bothered them more was the way the takeover was handled. With the aid of two prestigious British...
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