October 7, 2010 - Back on June 16, 2000 we reported Philip Morris International Inc. (PMI) planned to appeal a Colombian regulator's decision to deny its $452 million bid to acquire privately owned cigarette maker Productora Tabacalera de Colombia, or Protabaco.
For background information on this possible acquisition. Philip Morris International to appeal Colombia's rejection of proposed Protabaco acquisition....
Yesterday, June 6th PMI announced that the Superintendent of Industry and Trade of Colombia has issued its final decision pertaining to PMI's previously announced intention to acquire Productora Tabacalera de Colombia, Protabaco Ltda. in July of 2009. Approval to proceed with the acquisition has been granted subject to several significant conditions and constraints.
PMI will now thoroughly review those conditions and determine whether or not the strategic rationale and financial attractiveness of the originally envisaged transaction can still be safeguarded in the best interest of its shareholders.
PMI anticipates that it will be in a position to make a final determination on whether or not to proceed within the next three months.
Reference: Philip Morris International Inc. (PMI) Evaluates Decision on
Colombian Acquisition, SOURCE: Philip Morris International, 10/6/2010.