British American Tobacco (LSE: BATS, AMEX:BTI) is the second largest quoted global tobacco company by market share, and with operations in over 180 markets, it is the "most international" tobacco company in the world.^[1] The Company's brand portfolio consists of over 300 brands, namely, Dunhill, Kent, Lucky Strike and Pall Mall, and includes ready-made cigarettes, cigar, roll-your-own, pipe, and smokeless tobacco products ^[2]. British American Tobacco was founded in 1902 through a joint venture between the Imperial Tobacco Group (IMT-LN) and the American Tobacco Company (USA) ^[3]. The company earned £14.2 billion in revenue and £4.5 billion in net income in 2009.^[4]

Despite the company's international presence, it does not currently directly sell cigarettes or other tobacco products in the United States. Instead, British American Tobacco indirectly sells Pall Mall and other brands through Reynolds American (RAI) in the United States, a company of which British American Tobacco has 42% ownership following a deal with R.J. Reynolds Tobacco Holdings, Inc. in July 2004. ^[5] However, British American Tobacco does have the largest market share in over fifty geographic markets and has the most significant sales in Europe, which make up about 40% of the company's revenue. ^[6]

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