- Philip Morris International (PM +0.4%) and Japan's Tobacco International announce that they will each acquire stakes in Russian cigarette distributor Megapolis.
- Megapolis claims a 70% market share in the Russian tobacco market. The nation is more fertile ground for tobacco companies with 40% of the adult population identifying themselves as smokers.
- Both deals are expected to close in 2014 and involve investments of around $750M.
Philip Morris makes a move in Russia
Dec 11 2013, 14:25 ET