December 3, 2003
Completion of the public tender offer
Philip Morris Holland B.V., an affiliate of Philip Morris International, announced today that the public tender offer for the Greek cigarette company Papastratos Cigarette Manufacturing S.A. has been completed sucessfully. Together with the 76.5% stake acquired before the public tender offer was launched and open market purchases on the Athens Exchange, upon completion of the off-exchange transfer of the shares tendered in the public offer, Philip Morris Holland will own 97.83% of Papastratos.
Philip Morris Holland confirmed its plans for Papastratos, including its intention to invest in the improvement of Papastratos's production facilities in Greece, its commitment to keep the Papastratos name for 8 years and its intention to continue production in Greece of the Assos, President and Marlboro brands for the Greek market.
Philip Morris Holland intends to procure delisting of Papastratos shares from the Athens Exchange, in accordance with Greek securities legislation. A further announcement about the delisting will be made in due course.
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