Altria May Announce Spinoff of International Unit This Week
By Chris Burritt
Altria Group Inc., the world’s largest tobacco company, may announce plans this week to spin off its international unit, bowing to investors who favor faster overseas growth and reduced exposure to smokers’ lawsuits.
The odds are seven in 10 that Altria’s board will decide to split off Philip Morris International after directors meet Aug. 29, Filippe Goossens, a Credit Suisse analyst in New York, wrote in a note to investors last week.
“The best case is to spin Philip Morris International,” Cambiar Investors LLC President Brian Barish said Aug. 10. The Denver-based firm managed $10 billion, including 3.1 million Altria shares, as of June.
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