Philip Morris buying more of Mexican co. |
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Wed, 18 Jul 2007 13:13
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NEW YORK (AP) - Philip Morris International Inc., a unit of Altria Group Inc., said Wednesday it is buying an additional 30 percent stake in its Mexican tobacco business from Grupo Carso SAB de CV for $1.1 billion.The acquisition by Philip Morris, which currently holds a 50 percent stake in the company, is part of a plan to grow operations.Joint venture partner Grupo Carso will keep a 20 percent interest in the Mexican business.Philip Morris, whose brands include Marlboro and L&M, said Carlos Slim Helu, recognized by some as the world's richest man, will remain an advisor to Philip Morris Mexico SA de CV as well as an active partner.The deal is expected to close later this year, subject to definitive agreements and regulatory approvals.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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