Philip Morris punts on Pakistan potential

The tobacco company commits up to $405 million to consolidate its position in Pakistan.

Philip Morris International is paying $338.9 million to hike its stake in its Pakistan subsidiary, Lakson Tobacco Company, from 40% to 90.21%. Including the tender offer to minority shareholders precipitated by this move, Philip Morris will pay up to $404.9 million to consolidate its ownership of Lakson.

Philip Morris has entered an agreement to acquire an additional 50.21% stake from principal shareholders, the Lakhani family and others. Philip Morris will then make a public, tender offer to all remaining shareholders...

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