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June 27, 2014
05:42 EDTPMPhilip Morris files papers seeking review of EU tobacco directive
Subsidiaries of Philip Morris filed papers seeking review of the EUís Tobacco Products Directive by the Court of Justice of the European Union. Commenting on the matter, Marc Firestone, Senior Vice President and General Counsel of Philip Morris International, said: "We believe that the EUís Tobacco Products Directive disrupts the balance that the EU treaties establish between the Union and the Member States. The Directive claims to improve the internal market in tobacco products, but its provisions go in the opposite direction. The Directive includes a mix of product bans, mandates, and delegations of authority that raise serious questions under the EU Treaties about consumer choice, the free movement of goods, and competition. There is no disagreement that there should be strict regulation of tobacco products, but measures need to make sense and, above all, honor the EU treaties. We very much hope that this matter is referred to the EUís highest court for a careful, objective review."
News For PM From The Last 14 Days
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July 29, 2015
14:14 EDTPMBAT sees 'plain packaging' legal hearing in December, Reuters says
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July 28, 2015
14:09 EDTPMAltria, Philip Morris could be ripe for recombination, Bloomberg says
The justification for splitting Altria (MO) and Philip Morris (PM) roughly seven years ago "no longer exists" and it may be time to look at a combination, reports Bloomberg Real M&A, noting that the two companies lag behind Reynolds American (RAI) after its recent acquisition of Lorillard. The report notes that the firms have already partnered on product developments in recent months, though a Philip Morris spokesperson told Bloomberg that "many of the reasons articulated by the board at the time of the spinoff are still relevant today." Reference Link
13:17 EDTPMEarnings Watch: Analysts bullish on Altria, seen as 'top pick' by Cowen
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