Fontem did acquire a 50% stake in von erl, so it's kinda pretty much a BT product, no?
At least the other half is not BT.
No matter what happens with regulations in the US, EU, or elsewhere, BT will continue to enter the e cig market faced with declining cigarette sales in the US and EU. Yes, there are countries with far more smokers per capita, but not many companies would think that will help them all that much down the road. There would still be declining revenue as BT is in those other markets already, and I can't imagine them recruiting enough new smokers in those markets to fill the gap 10 or 20 years from now.
Products like Blu have already been on the market for several years. Vuse has significant penetration into the gas station e cig market. If anything, it's quite forward looking to see Fontem taking a stake in von erl, recognizing there will be stratification in the market, with low end and "premium" e cigs, each having distinct targeting of consumers.
There are business plans and pivots that BT already prepared, and have started implementing, regarding e cigs. With their financial resources I don't see any consumer movement preventing that to occur.