British American Tobacco has agreed a $49.4 billion take-over of US rival Reynolds American Inc, creating the world''s biggest listed tobacco company after it increased an earlier offer by more than $2 billion. BAT, which already owned 42 percent of Reynolds, will pay $29.44 in cash and 0.5260 BAT shares for each Reynolds share, it said, a 26 percent premium over the price of the stock on Oct. 20, the day before BAT''s first offer was made public.