UP on the deal then DOWN for the acquirer (because the dumb market works this way).... Then the investment market will turn its attention to the quality of the underlying earnings - mostly in a relatively low tax USD environment - and more importantly for the FTSE - in USD. All bought with dearer paper than the new underlying yield. At this point BTI should put in a serious rally... so I am buying back my heap of REINIETS that I sold in the mid R30's. Starting today!