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Altria's spinoff of Philip Morris nears completion
By Lisa Kerner
Charlotte, N.C., March 7 - Philip Morris International Inc.'s registration statement was declared effective by the Securities and Exchange Commission and the New York Stock Exchange authorized the listing of the company's stock on the NYSE in connection with Altria Group, Inc.'s proposed spinoff of the company.
On Jan. 30, Altria's board of directors authorized the spinoff of 100% of the shares of Philip Morris to Altria shareholders. Distribution will be made on March 28, according to a company news release.
Altria will distribute one share of Philip Morris stock for every share of Altria stock outstanding at 5 p.m. on the record date, March 19.
New York-based Altria, through its subsidiaries, manufactures and sells cigarettes and other tobacco products.
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