Altria spins off Philip Morris

By Lisa Kerner

Charlotte, N.C., March 28 - Altria Group, Inc. announced it has completed its spinoff of Philip Morris International Inc. to Altria shareholders.

The distribution of 100% of the shares of Philip Morris was made on Friday to shareholders of record as of 5 p.m. ET on March 19, according to an Altria news release.

Altria said shareholders received one share of Philip Morris stock for every share of Altria common stock held.

On Jan. 30, Altria's board of directors authorized the spinoff of 100% of the shares of Philip Morris to Altria shareholders.

New York-based Altria, through its subsidiaries, manufactures and sells cigarettes and other tobacco products.

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