Philip Morris Reconsidering $452M Protabaco Buy

Law360, New York (October 6, 2010, 5:55 PM EDT) -- Philip Morris International Inc. is rethinking its hard-won $452 million bid for cigarette manufacturer Protabaco Ltda. in light of the heavy conditions Columbia's competition watchdog attached to its approval of the deal.

Columbia's Superintendent of Industry and Trade granted the deal its approval with “several significant conditions and constraints,” the tobacco giant announced Wednesday.

Philip Morris would be required to divest at least two of Protabaco's brands, including its Premier label, to industry competitors, and would have to meet several other undisclosed conditions that have caused...
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