Philip Morris International announced today that its affiliate, Philip Morris Holland, has been given clearance by the European Commission for the acquisition of the Greek cigarette company Papastratos. In addition, an agreement has been reached in a private transaction with a group of principal shareholders on a final purchase price to be paid for their 76.5% shareholding in Papastratos.
Philip Morris Holland has agreed to pay the group of principal shareholders €18.02 per share for the controlling interest in Papastratos. Philip Morris Holland anticipates that the completion of the acquisition of the 76.5% shareholding will be concluded within two weeks.
Philip Morris Holland also confirmed that, following the completion of the acquisition of the controlling interest, it will launch a mandatory public offer in accordance with Greek law for the remaining outstanding shares in Papastratos. The tender offer price will be €18.02 per share, the same price agreed between Philip Morris Holland and the shareholders selling the 76.5% stake in the company.
Philip Morris Holland intends to make open market purchases of Papastratos shares at prices up to €18.02 per share over the next several months until the end of the tender offer period.
Information on Papastratos
Papastratos was established in 1930 and is the largest manufacturer and distributor of cigarettes in Greece.
Information on Philip Morris International
Philip Morris International is one of the operating companies of Altria Group, Inc. Philip Morris International, based in Lausanne, Switzerland, is a leading tobacco company outside the United States.
PMI is the world’s leading international tobacco company, with six ot the world’s top 15 international brands and products sold in more than 180 markets. In addition to the manufacture and sale of cigarettes, including Marlboro, the number one global cigarette brand, and other tobacco products, PMI is engaged in the developement and commercialization of Reduced-Risk Products (RRPs). RRPs is the term PMI uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking cigarettes. Through multidisciplinary capabalities in product development, state-of-the-art facilities, and indusrty-leading scientific substantiation, PMI aims to provide an RRP portfolio that meets a broad spectrum of adult smoker preferences and rigorous regulatory requirements.