Philip Morris International took full control of its Philip Morris Mexico (PMM) subsidiary by purchasing a 20 per cent stake for USD 700 million (EUR 543 million) from Grupo Corso, the company said.

The sale closed out a successful partnership spanning more than 30 years that positioned PMM as the leading Mexican cigarette manufacturer with market share at 73.5 per cent on volume of 33.6 billion units, PMI said. The flagship Marlboro brand accounts for 53.6 per cent of the Mexican cigarette market.
PMI will own 100 per cent of PMM when the sale is completed as expected by 30 Sept, the company said in a statement. Carlos Slim Helú, founder of Grupo Corso, will continue to serve on PMI's Board of Directors, PMI said. (ci)