B.A.T.'s latest big move, the $5.2 billion takeover of Farmers Group last year, drew some criticism from analysts.

Farmers Group rose 4 1/4, to 67 1/2.

Batus has offered $72 a share, or $5.1 billion, for the Farmers Group on the condition that directors of the insurer agree to a merger.

Farmers Group's share price closed at $63.375 Friday, up 62.5 cents, in over-the-counter trading.

Batus, however, must obtain approval to buy Farmers Group from insurance commissioners in nine states.

Farmers Group ended talks about a leveraged buyout and is exploring possible alternatives.

Farmers Group said it would consider the proposal, which analysts regarded as an indication that the offer was friendly.

Batus, which has recently acquired less than 5 percent of Farmers Group, had requested a meeting in October.

Farmers Group's remaining earnings result from a life insurance company it owns.

In 1953, it was acquired by Farmers Group, Inc.