Philip Morris To Pay $700M For Slim's Slice Of Mexican JV

Law360, New York (May 21, 2013, 2:52 PM EDT) -- Tobacco giant Philip Morris International Inc. will put up about $700 million to buy the slice of its Mexican business that it doesn't already own in a deal that will lift ownership from a longtime partner, Mexican tycoon Carlos Slim, the company said Tuesday.

In the deal, the New York-headquartered company will take control over the 20 percent stake in Philip Morris Mexico SA currently held by Slim's conglomerate, Grupo Carso SAB. A final purchase price hinges on PMM's performance ahead of the transaction's completion, but...
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