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Yahoo! - Philip Morris to make $6.5 bln case payment
http://biz.yahoo.com/finance/97/06/25/tr_mo_m_1.html
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Wednesday June 25 1:44 AM EDT
Philip Morris to make $6.5 bln case payment
NEW YORK, June 25 (Reuter) - Philip Morris Cos Inc is expected to pick up about $6.5 billion of the
initial $10 billion payment called for under the recent settlement struck with cigarette makers, the New
York Times said.
In Wednesday's edition, the newspaper said the payment is part of a formula agreed upon by the five
tobacco companies participating in the proposal, with the first payment to be determined based on the
stock market value of each company.
The total settlement is about $368.5 billion. Subsequent annual payments outlined under the settlement
will be divided based on each company's share of the cigarette market in the United States.
Earlier this year, Philip Morris carved out about 50 percent of the market, while RJR Nabisco Holdings
Corp (RN) held about 25 percent.
RJR, the parent company of R.J. Reynolds Tobacco Co, said on Tuesday its initial payment would be
about $600 million.
The projected payments were contained in documents filed with the Securities and Exchange
Commission.
The Times said that based on Tuesday's closing stock prices, B.A.T Industries Plc's (BATS.L) Brown &
Williamson would contribute $1.7 billion; UST Inc's (UST) U.S. Tobacco would pay $324 million; R.J.
Reynolds would contribute $571 million; and Loews Corp's (LTR) Lorillard would pay $720 million.
More news for referenced ticker symbols: LTR, MO, RN, UST, and related categories and industries:
food/beverages, tobacco, international.
Help
1 of 2
06/25/97 15:44:54
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"ocrText": "Yahoo! - Philip Morris to make $6.5 bln case payment\nhttp://biz.yahoo.com/finance/97/06/25/tr_mo_m_1.html\nYAH\nREUTERS\nFINANCE\nClick\nNow!\nFREE TRIAL\n[ Yahoo I Write Us I Search I Headlines I Info ]\nBusiness - - Company - Industry - Finance - - PR Newswire - Business Wire - Quotes ]\nWednesday June 25 1:44 AM EDT\nPhilip Morris to make $6.5 bln case payment\nNEW YORK, June 25 (Reuter) - Philip Morris Cos Inc is expected to pick up about $6.5 billion of the\ninitial $10 billion payment called for under the recent settlement struck with cigarette makers, the New\nYork Times said.\nIn Wednesday's edition, the newspaper said the payment is part of a formula agreed upon by the five\ntobacco companies participating in the proposal, with the first payment to be determined based on the\nstock market value of each company.\nThe total settlement is about $368.5 billion. Subsequent annual payments outlined under the settlement\nwill be divided based on each company's share of the cigarette market in the United States.\nEarlier this year, Philip Morris carved out about 50 percent of the market, while RJR Nabisco Holdings\nCorp (RN) held about 25 percent.\nRJR, the parent company of R.J. Reynolds Tobacco Co, said on Tuesday its initial payment would be\nabout $600 million.\nThe projected payments were contained in documents filed with the Securities and Exchange\nCommission.\nThe Times said that based on Tuesday's closing stock prices, B.A.T Industries Plc's (BATS.L) Brown &\nWilliamson would contribute $1.7 billion; UST Inc's (UST) U.S. Tobacco would pay $324 million; R.J.\nReynolds would contribute $571 million; and Loews Corp's (LTR) Lorillard would pay $720 million.\nMore news for referenced ticker symbols: LTR, MO, RN, UST, and related categories and industries:\nfood/beverages, tobacco, international.\nHelp\n1 of 2\n06/25/97 15:44:54"
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