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.
Philip Morris International Inc. extended its decline into a second day, falling the most in five months after a crimped profit outlook prompted Goldman Sachs Group Inc. to cut its rating on the shares to neutral.
Philip Morris International Inc., the world’s largest publicly traded tobacco company, said its per-share profit would grow more slowly next year than its long- term target as shipments to Europe and Russia shrink.
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.
U.S. stocks rose, sending the Dow Jones Industrial Average to its first close above 16,000, as data showed improvement in the job market and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd. said they would repurchase shares.
Robins, Kaplan, Miller & Ciresi LLP bested Kellogg Huber Hansen Todd Evans & Figel PLLC in the arbitration between Starbucks Corp. and Mondelez International Inc. that resulted in a $2.79 billion victory for Mondelez.