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BUSINESS
November 9, 1989 | From Times wire services
Philip Morris Cos. agreed today to sell its 29% stake in Rothmans International PLC to a Swiss holding company for a payment of sterling notes valued at approximately $860 million. The seller is to receive five-year notes from Compagnie Financiere Richemont AG, which holds a 36% position in Rothmans, in a transaction that Philip Morris said will result in a pretax gain of $450 million when completed.
BUSINESS
October 13, 1986 | From Reuters
Two of Canada's largest tobacco companies agreed Friday to merge, a move that may end a yearlong price war that has jolted the industry. The merger will unite No. 2 Rothmans of Pall Mall Ltd. with fourth-ranked Benson & Hedges (Canada) Inc., a wholly owned subsidiary of the American conglomerate Philip Morris. The companies did not disclose the value of the deal. Rothmans will own 60% of the new company, to be named Rothmans, Benson & Hedges Inc., with Philip Morris holding the remainings 40%.
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