News Alert: Altria (MO) to Spin off Philip Morris International March 28

Strange to see an earnings report released during the middle of the trading session, but Altria (MO) just posted theirs.

• The Board of Directors of Altria voted today to authorize the spin-off of 100% of the shares of Philip Morris International (PMI) to Altria’s shareholders. The distribution will be made on March 28, 2008, to Altria shareholders of record as of 5:00 p.m. New York City Time on March 19, 2008 (the “record date”).
• Altria will distribute one share of PMI for every share of Altria common stock outstanding as of the record date, based on the number of Altria shares outstanding at 5:00 p.m. New York City Time on that date.
• Currently, there is no public market for PMI’s common stock. It is anticipated that PMI will be listed for trading on the NYSE under the symbol “PM.”

So it looks like a 1:1 distribution March 28th. And the new symbol for the international piece will be PM.

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