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Investors wary of Imperial’s plan
Tobacco firm Imperial Brands (IMB) is under some pressure as it announces plans to step up spending as it faces the prospect of an enlarged competitor in the form of the combined British American Tobacco (BATS) and Reynolds American (RAI:NYSE), as recently proposed. The increase expenditure is expected to take 2017 earnings growth below its medium-term target of 4% to 8%. (TS)