November 29, 1988 |
Philip Morris Cos.' path to becoming the world's largest consumer products company appeared clear Monday as federal officials declined to raise antitrust objections to its $12.6-billion purchase of Kraft Inc. The tobacco and food giant's lone remaining hurdle is evidently obtaining sufficient shares under terms of its $106-a-share tender offer, which it reaffirmed would expire at 5 p.m. EST Friday. The company said that about 49.8% of Kraft's estimated 119.
April 10, 1997 |
A federal judge cited new evidence as he revived a lawsuit brought by Philip Morris Cos. shareholders who alleged the company concealed evidence showing nicotine was addictive. The plaintiffs may now be able to prove the company's public statements about the addictiveness were not made in good faith, said U.S. District Judge Michael B. Mukasey in New York.
April 17, 2001 |
Philip Morris has stopped sending free book covers to California public schools, but has not agreed to recall thousands of covers already sent, state officials said Monday. The tobacco giant last fall sent the unsolicited book covers bearing the company's name and the message "Think. Don't Smoke" to schools around the country.
October 7, 2002 |
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.
June 13, 2000 |
The chief executive for Philip Morris USA told Florida jurors that the company is trying to keep kids from smoking and that payments under state settlements will more than double profit earned over the last 25 years. In the punitive damages phase of a state court class-action lawsuit that could cost the tobacco industry billions of dollars, Michael Szymanczyk, chief executive of the Philip Morris Cos. unit, told the six-member jury about his company's efforts to educate children.
January 15, 2005 |
Altria Group Inc.'s Philip Morris USA is raising prices 10 cents a pack on 22 brands including Benson & Hedges and Chesterfield, its first list-price increase since April 2002. The move by Philip Morris, the largest U.S. cigarette maker, is effective Sunday, a spokeswoman said. It comes a month after the Richmond, Va.
March 22, 2002 |
Philip Morris Cos. said a federal jury in Rhode Island ruled in favor of its U.S. tobacco unit in a lawsuit brought by the wife of a smoker who sought damages for his death. Judith Hyde sought $1.9 million in compensation in the death of her husband, Walter, claiming the company failed to warn him of possible health hazards when he began smoking as a teenager in 1959. U.S.
April 5, 2005 |
A California appeals court reaffirmed its decision that ordered Altria Group Inc.'s Philip Morris USA to pay $50 million to the family of a smoker who died of lung cancer. In September, the California Court of Appeal in Los Angeles reduced a trial award to $50 million from $100 million. Both sides asked the court for a rehearing. On Friday the court reiterated its decision, provided that Richard Boeken's family agreed to accept the $50-million award.
CALIFORNIA | LOCAL
September 29, 1985 |
General Foods Corp. said Friday that it has agreed to be taken over by Philip Morris Cos. Inc. for about $5.7 billion, to form the nation's biggest consumer products company. Under the agreement to undertake the largest non-oil acquisition in corporate history, the tobacco giant will buy all of General Foods' 47.3 million shares at $120 per share in cash. The merger is subject to the approval of both firms' boards of directors.
January 14, 1990 |
Beauty is in the eye of the beholder. Philip Morris, the tobacco, food and beer company, emerged as one of America's most admired corporations in this year's list in Fortune magazine, giving Merck & Co., the pharmaceutical maker, a close run for first place.