Wednesday, October 25, 2006

Altria Moves Closer to Spinoff of Kraft Foods Unit

Article in the New York Times -- Altria Moves Closer to Spinoff of Kraft Foods Unit, by Andrew Martin:

    The Altria Group moved closer to spinning off its Kraft Foods unit yesterday, despite
    concerns about tobacco litigation, saying it would make a final decision on Jan. 31.

    During a conference call with analysts, Altria’s chief executive, Louis C. Camilleri, said
    that the board had carefully weighed the risks and rewards of a sell off and had decided
    to proceed. The precise timing of the sale is to be announced at the company’s January
    board meeting.

    Altria is the parent company of Philip Morris USA and Philip Morris International.

    “I think today’s announcement clearly shows to the world that the board is comfortable
    with the entire litigation environment and is therefore prepared to move forward,”
    Mr. Camilleri said.

BGS

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