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BAT discloses $555 million in MSA dispute charges involving Reynolds, ITG

British American Tobacco Plc said Wednesday that it took a $554.8 million charge during fiscal 2020 related to an annual Master Settlement Agreement-type payments dispute.
In June 2015, BAT subsidiary R.J. Reynolds Tobacco Co. sold traditional cigarette brands Kool, Maverick, Salem and Winston for $7.1 billion to U.K.-based Imperial Brands Plc. The brands were transferred to Imperial's U.S. subsidiary ITG Brands LLC of Greensboro.
The four brands combined represent about 7.5% of the U.S. market share for traditional cigarettes.
Reynolds divested Kool, Salem and Winston, while Lorillard Inc. divested Maverick, in order for Reynolds to gain federal regulatory approval of its $29.25 billion purchase of Lorillard.

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