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Article: Philip Morris buys Nabisco despite tobacco lawsuit
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- June 27, 2000
CopyrightCopyright 2000 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Philip Morris buys Nabisco despite tobacco lawsuit
Miller to stay in company umbrella, though some spinoff rumors
arise
Tuesday, June 27, 2000
New York -- Philip Morris Cos. agreed to buy Nabisco Holdings
Corp. for $14.9 billion, adding Oreo cookies and Ritz crackers to its
Kraft Foods business, even as its domestic tobacco subsidiary faces
the possibility of a multibillion-dollar penalty in a class-action
suit in Florida.
Philip Morris will pay $55 a share in cash for Nabisco, its
biggest purchase since the takeover of Kraft in 1987, and assume $4