Philip Morris International (PMI) today announced that it would no longer pursue its intention to acquire Productora Tabacalera de Colombia (Protabaco).

While approval to proceed with the acquisition was granted by the superintendent of industry and trade of Colombia in October 2010, the approval was subject to several significant conditions and constraints that ultimately proved to be too burdensome. "After an exhaustive review of our options, we regretfully have concluded that the transaction, in light of the conditions, would not satisfy the strategic and financial objectives that were originally envisaged and therefore we have decided not to pursue the acquisition of Protabaco," said James Mortensen, president, Latin America and Canada region. "Colombia continues to be an important market for us and our commitment to the country and our employees remains steadfast," he added. (ci)