Wednesday, October 25, 2006
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
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.