Philip Morris to Sell Rothmans Stake: Philip...

Philip Morris to Sell Rothmans Stake: Philip Morris Cos. agreed to sell its 29% stake in Rothmans International Ltd. for $860 million, creating a huge profit for the U.S. tobacco giant and ending speculation that it might take over the British tobacco firm. The stake will be sold to Swiss-based Compagnie Financiere Richemont AG, which through its Rothmans Tobacco Holdings unit has offered to buy all of the shares of Rothmans International. Philip Morris said it expected to earn more than $450 million before taxes from the deal when it is completed. It paid $350 million for the stake in 1981.