PMI's Acquisition in Colombia Under Review

Source from:  Tobacco Reporter 10/08/2010

Philip Morris International's previously announced intention to acquire Productora Tabacalera de Colombia has been thrown into doubt. PMI said yesterday that whereas Colombia's Superintendent of Industry and Trade had given final approval for the acquisition, it had applied "several significant conditions and constraints". "PMI will now thoroughly review those conditions and determine whether or not the strategic rationale and financial attractiveness of the originally envisaged transaction can still be safeguarded in the best interest of its shareholders," the company said in a note posted on its website. "PMI anticipates that it will be in a position to make a final determination on whether or not to proceed within the next three months." Enditem