Philip Morris

The Federal Trade Commission approved the sale of Nabisco Holdings Corp. to Philip Morris Cos. on the condition the firms make five divestitures in overlapping product lines. The companies must sell Royal Brand gelatin dessert mix, Royal Brand dry mix pudding, Royal Brand no-bake dessert and Davis & Fleischmann's baking powder and Icebreaker mints. The divestitures must be completed within 10 business days of the time they complete the merger. Shareholders of both firms approved the deal Oct.

Philip Morris Cos. said an appeals court dismissed a lawsuit the Marshall Islands government brought in an attempt to recoup expenses resulting from smoking-related diseases. The republic's Supreme Court affirmed a lower court ruling that there was insufficient proof the country suffered economic losses from cigarette makers' actions, Philip Morris said. The suit, filed in the nation after a court in Hawaii dismissed it, was modeled on lawsuits by U.S.

Philip Morris Cos. and R.J. Reynolds Tobacco Holdings Inc. have raised the wholesale price on their cigarettes by 14 cents per pack, the industry's third price increase this year. The increase translates into about a 17-cent per pack increase for consumers, said Credit Suisse First Boston analyst Bonnie Herzog.

Philip Morris USA gained support of attorneys general of 37 U.S. states, who filed a friend-of-the-court brief urging that a $12-billion deposit required to appeal a judgment be cut. The states asked Judge Nicholas Byron in Illinois to reduce the bond he required the unit of Altria Group Inc. to post after Philip Morris lost a $10.1-billion judgment in a lawsuit alleging that the company misrepresented the safety of "light" cigarettes, said the brief filed in Madison County Circuit Court.

Philip Morris Cos. shares rose Tuesday after the company repeated that its unprecedented recall of 8 billion cigarettes may cost as little as $100 million in cash. Philip Morris said it may lose another $100 million in revenue as it replaces Marlboro, Virginia Slims and other brands on retailers' shelves this week. Shares in the New York-based food, cigarette and beer company closed at $70.75 per share, up 87.

Philip Morris Companies Inc. today announced it has adopted a poison pill defense against unfriendly takeover attempts. Philip Morris said it was not aware of any takeover attempt but said the plan will guard against "abusive tactics to gain control of the company without paying all shareholders a premium value." Philip Morris is the world's largest tobacco company. It also owns Kraft, General Foods and Miller Brewing Co., making it the world's largest consumer products concern.

Who says the cash dividend is dead? Philip Morris Cos. directors are expected to raise the company's dividend by as much as 9.5% today, reflecting strong earnings growth at the largest cigarette maker, analysts said. Philip Morris currently pays a per share dividend of $2.12 a year, or 53 cents a quarter. With the stock (ticker symbol: MO) at $47.60 on Tuesday on the New York Stock Exchange, the current annualized dividend yield is 4.4%--more than many money market mutual funds now pay. Many U.

Philip Morris Cos. said it will drop Liggett Group Inc.'s special warning that smoking is addictive from the packaging on three cigarette brands it has purchased from the rival tobacco company. "Warning: Smoking is addictive" now appears on all Liggett's U.S. brands in addition to the standard Surgeon General's warning that is carried on all cigarettes sold in the U.S. Liggett, the tobacco unit of financier Bennett LeBow's Brooke Group Inc.

British American Tobacco and other cigarette makers are asking U.S. legislators to restrict Philip Morris Cos.' exclusive agreements with retailers because they limit competition. The companies, which also include JT International USA, Liggett Group Inc. and Wind River Tobacco, said in a statement that they wanted to prohibit companies from requiring retailers to limit sales of rival cigarettes.