Altria Sets Spinoff of Overseas Tobacco Unit

Source from:  twincities.com Pioneer Press 01/30/2008 02/01/2008

Altria Group said Wednesday it would spin off its international tobacco business on March 28, freeing it to pursue cigarette sales more aggressively outside the U.S. by separating it from its American counterpart. The two tobacco units each make Marlboros, one of the world's top-selling cigarette brands. Lausanne, Switzerland-based Philip Morris International has said that it would rank as the biggest nongovernmental cigarette maker in the world behind the state-owned China National Tobacco. PMI makes Marlboros, LM and Bond Street cigarettes, while Philip Morris USA makes the Marlboro, Virginia Slims, Parliament and Basic brands for U.S. consumers. Once the spinoff to shareholders is complete, New York-based Altria will consist mainly of its domestic cigarette business, Philip Morris USA, and a 28.6 percent stake in London-based beer company SABMiller. SP may cut $500B of mortgage debt Standard & Poor's Ratings Services is considering slashing its rating on more than $500 billion of investments tied to b