British American Tobacco offers to buy Reynolds American

British American Tobacco announced today it offered to buy the remaining 57.8 percent of Reynolds American it doesn't already own.

The cash-and-stock deal is worth $47 billion.

If approved, the takeover would create the world's largest publicly traded tobacco company by net sales. Combined brands would include Camel, Lucky Strike, Newport and Pall Mall.

Read more from The New York Times.