P.M. BRIEFING : Philip Morris Out of Rothmans
<i> From Times wire services</i>
NEW YORK —
Philip Morris Cos. agreed today to sell its 29% stake in Rothmans International PLC to a Swiss holding company for a payment of sterling notes valued at approximately $860 million.
The seller is to receive five-year notes from Compagnie Financiere Richemont AG, which holds a 36% position in Rothmans, in a transaction that Philip Morris said will result in a pretax gain of $450 million when completed.
Philip Morris, the world’s largest tobacco company, will retain the rights to certain Rothmans cigarette brands, including Rothmans, Peter Stuyvesant and Cartier in North and South America, said London-based spokesman Nick Rolli.
