Herter has had a busy couple of years. This is a merger between two sizeable, established companies which both operate world wide. So, while the global deal was completed on the 7th of June many local mergers have to follow that. You have to deal with works councils, local trades unions and the like. In many countries we also have to address regulatory issues - competition law may require us to get permission to merge.
Some countries also have minority shareholder interests to consider.
It is quite a complex process. We aimed to have it finished within three years and with dedicated people from both sides working very well together, already we are well ahead of our timetable. The merger positions British American Tobacco even closer to its principal rival, Philip Morris. In 1995, we announced our vision to be the number one international cigarette again. We did hold that position, up to the mid-1980s when we were overtaken by Philip Morris.