Philip Morris International Inc. (PMI) Ends
Pursuit of Colombian Acquisition
NEW YORK, Jan 05, 2011 (BUSINESS WIRE) --
Philip Morris International Inc. (NYSE / Euronext Paris: PM) today
announced that it would no longer pursue its intention to acquire
Productora Tabacalera de Colombia, Protabaco Ltda.
While approval to proceed with the acquisition was granted by the
Superintendent of Industry and Trade of Colombia in October 2010, the
approval was subject to several significant conditions and constraints
that ultimately proved to be too burdensome.
"After an exhaustive review of our options, we regretfully have
concluded that the transaction, in light of the conditions, would not
satisfy the strategic and financial objectives that were originally
envisaged and therefore we have decided not to pursue the acquisition of
Protabaco," said James Mortensen, President, Latin America & Canada
"Colombia continues to be an important market for us and our commitment
to the country and our employees remains steadfast," he added.
Philip Morris International Inc. Profile
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with seven of the world's top 15 brands, including Marlboro,
the number one cigarette brand worldwide. PMI's products are sold in
approximately 160 countries. In 2009, the company held an estimated
15.4% share of the total international cigarette market outside of the
U.S., or 26.0% excluding the People's Republic of China and the U.S. For
more information, see www.pmi.com.
SOURCE: Philip Morris International Inc.
Philip Morris International Inc. Investor Relations: New York: +1 (917) 663 2233 Lausanne: +41 (0)58 242 4666 or Media: Lausanne: +41 (0)58 242 4500
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