Philip Morris Drops Bid For Colombian Cigarette Co.

Law360, New York (January 5, 2011, 4:19 PM EST) -- Philip Morris International Inc. on Wednesday abandoned its pursuit of Colombian cigarette manufacturer Protabaco Ltda., deciding that conditions put on the deal by the country's competition regulators were too burdensome.

Philip Morris originally announced the deal for Protabaco, or Productora Tabacalera de Colombia, in July 2009, agreeing to pay $452 million for all shares of the privately owned company.

Colombia's Superintendent of Industry and Trade approved the transaction in October, after Philip Morris filed an appeal of the regulator's initial June rejection of the deal....
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