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Article: Canada: Philip Morris to Buy Canada's Rothmans for $2 Billion.
- Article from:
- TendersInfo
- Article date:
- August 2, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Philip Morris International Inc., the world's largest publicly traded tobacco company, agreed to buy Canada's Rothmans Inc. for C$2 billion ($2 billion) to add sales of about 11 billion cigarettes and expand its discount brands.
Philip Morris said today it offered C$30 in cash for each Rothmans share, 15 percent more than the company's closing price yesterday. The deal would give New York-based Philip Morris full control of Toronto-based Rothmans, Benson & Hedges, the second- biggest tobacco producer in Canada. It owns 40 percent presently.
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