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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.