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Colombia Coltabaco Holders OK Co's Sale To Philip Morris 

Jump to full article: Dow Jones via IWon, 2004-09-14
Author: Diana Delgado,

Intro:

A majority of shareholders in Colombian tobacco firm Compania Colombiana de Tabaco have agreed to the concern's sale to Philip Morris International.

Philip Morris International will now launch a public tender offer for up to 100% of Coltabaco's stock (COLTABACO.BO) worth approximately $314 million.

During a shareholder's meeting late Monday, 66.13% of Coltabaco shareholders agreed to sell the company. Coltabaco has 63,539,967 million shares outstanding.

"Philip Morris approached us two years ago. We said at that time that we were not interested. But they insisted so many times that we decided to sit at the table to hear the proposal," Coltabaco president Dario Munera told Caracol radio. Munera has been president of Coltabaco for over 50 years.

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