RJ Reynolds considering bid for Lorillard - FT

March 3 Mon Mar 3, 2014 2:51pm EST

March 3 (Reuters) - U.S. tobacco company RJ Reynolds is exploring a bid for rival cigarette-maker Lorillard Inc, the Financial Times reported, citing people familiar with the situation.

The deal value is expected to be in excess of $20 billion, the paper reported.

RJR has appointed investment bank Lazard to explore the deal, the Financial Times reported. ()