British American Tobacco .
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At the concluding Treaty of Utrecht , Philip renounced his and his descendants' right to the French throne and Spain lost its empire in Europe.  The British Empire was territorially enlarged: from France, Britain gained Newfoundland and Acadia , and from Spain, Gibraltar and Menorca . Gibraltar became a critical naval base and allowed Britain to control the Atlantic entry and exit point to the Mediterranean . Spain also ceded the rights to the lucrative asiento (permission to sell slaves in Spanish America ) to Britain. 
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