Reynolds American rejects BAT's $47 billion buyout offer - Bloomberg

(Reuters) - U.S. cigarette maker Reynolds American Inc is seeking a higher price from British American Tobacco Plc after rejecting a $47 billion buyout offer as too low, Bloomberg reported on Monday. (http://bloom.bg/2fQxNIu)

Last month, British American Tobacco, which already owns 42 percent of Reynolds American, offered to buy the remaining shares of the maker of Camel and Newport cigarettes to create the world's biggest listed tobacco company.

Reynolds American and BAT were not immediately available to comment.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Anil D'Silva)