Philip Morris International received Ministry of Industry approval pursuant to the Investment Canada Act in connection with the company's proposed acquisition of Rothmans.
In a press release, the company stated that the issuance of this approval satisfies the last remaining regulatory condition to the company's acquisition offer dated 7 August 2008.
In connection with the determination of net benefit, the company provided certain undertakings, including pledges to continue to operate Rothmans, Benson & Hedges' current manufacturing facilities in Canada, invest in their modernisation and provide minimum employment assurances.
The company's offer to acquire Rothmans is open for acceptance until 11:59 p.m. (Vancouver time), at the end of September 16, unless extended or withdrawn by the company. (pi)