One Player's Gain Is Another's Pain

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In a buyout as gigantic as RJR Nabisco's, which could cost from $21 billion to $27 billion, even the smallest pieces of the action will translate into tidy fortunes. The deal may generate some hefty losses as well.

WINNERS

SHAREHOLDERS. $8 BILLION TO $14 BILLION IN PROFITS. Before Oct. 20, when the public first learned that the food-and-tobacco company was in play, RJR's 225 million shares traded at $56 each. RJR's new owners will pay from $94 to $118 a share to buy the conglomerate.

NEW OWNERS. $2 BILLION OR MORE. The new stakeholders, a group that may range in...

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