China tobacco merger to form industry leader


SHANGHAI - Hongyun Group and Honghe Group, two major tobacco firms based in southwest China's Yunnan province, plan to merge to form the world's fourth-largest cigarette maker by volume, the official Shanghai Securities News said on Tuesday. The merger is part of a consolidation of the fragmented tobacco industry in China, the world's largest cigarette producer and consumer with a growing market of more than 300 million smokers. More...