Philip Morris to Buy Stake in Algerian Tobacco Company
This article is for subscribers only.
Philip Morris International Inc., the world’s largest publicly traded tobacco company, agreed to buy a stake in Societe des Tabacs Algero-Emiratie for about $625 million to expand in Africa.
The investment involves taking a 49 percent stake in United Arab Emirates-based Arab Investors TA, which in turn owns 51 percent of the Societe des Tabacs Algero-Emiratie venture, New York-based Philip Morris said today in a statement. Algeria’s state-owned Societe Nationale des Tabacs et Allumettes SpA owns the rest of the venture.