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PM [link widoczny dla zalogowanych] drops plan to buy Protabaco
(Reference [link widoczny dla zalogowanych])
NEW YORK (AP) ― Philip Morris International Inc., seller of [link widoczny dla zalogowanych] overseas, said Wednesday it has dropped plans to buy privately owned Protabaco, the second-largest cigarette maker in Colombia.
Colombia's Superintendent of Industry and Commerce approved Philip Morris's application to buy the company for $452 million late last year. But Philip Morris International, which makes [link widoczny dla zalogowanych] and other top-selling cigarettes for sale overseas, said the approval was subject to several conditions and constraints that "ultimately proved to be too burdensome."
Philip Morris International didn't say what the government's conditions were.
The company, with offices in New York and in Lausanne, Switzerland, had announced in 2009 it had agreed with Protabaco on the deal, subject to government approval.
Colombian at first rejected the plan, last June.
Philip Morris International is the world's largest non-governmental cigarette maker after China's state-controlled China National Tobacco Corp. It was spun off in 2008 from Richmond,[link widoczny dla zalogowanych], Va.'s Altria Group Inc., the seller of Marlboros in the U.S.
[link widoczny dla zalogowanych] Protabaco owns brands including Mustang, Premier and President.(Reference [link widoczny dla zalogowanych])