Philip Morris International Inc. and Japan Tobacco Inc. will each acquire a 20 percent stake in Russia’s Megapolis Distribution BV for a combined $1.5 billion to expand in the world’s second-largest cigarette market.
U.K. stocks were little changed, with the FTSE 100 Index heading for its first monthly loss since August, as housebuilders slid after the Bank of England ended incentives that helped stimulate mortgage lending.
U.K. stocks were little changed as minutes from the Federal Reserve’s last meeting signaled policy makers may slow the pace of bond purchases in coming months and as Chinese manufacturing expanded slower than forecast.
Severn Trent Plc, the U.K.’s second- largest publicly traded water company, today named Liv Garfield of BT Group Plc as its new chief executive officer to replace Tony Wray next spring on his retirement.
Imperial Tobacco Group Plc, Europe’s second-biggest tobacco company, said full-year profit was little changed as the maker of Davidoff cigarettes increased prices to combat falling shipments in Europe.