Philip Morris To Fight Denial Of $452M Colombia Deal

Law360, New York (June 16, 2010, 3:40 PM EDT) -- Philip Morris International Inc. plans to ask Colombia's competition watchdog to reconsider its initial decision rejecting the U.S. tobacco giant's $452 million bid for cigarette manufacturer Protabaco Ltda.

Colombia's Superintendent of Industry and Trade released its objections to the deal Tuesday, saying the combination would lead to a significant drop in competition in the country's tobacco market by creating a company with 78 percent of cigarette purchases.

The transaction would also create serious barriers to any efforts from would-be competitors to enter the market because of...
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