May 21 Tobacco company Philip Morris
International Inc said it would buy out its Mexican joint
venture partner controlled by billionaire Carlos Slim, for about
The Marlboro maker said it expects the deal to marginally
add to earnings per share in the fourth quarter.
Slim's industrial and retail conglomerate Grupo Carso
had been selling its stake in local cigarette
company Cigatam during the last decade, and at the end of 2007
Slim held just the 20 percent of the company that Philip Morris
will now buy.
As a director of Philip Morris, Slim holds 17,076 shares in
PMI, worth $1.6 million on Monday, according to a filing with
the U.S. securities regulator earlier this month.
The world's richest man, according to Forbes magazine, is
also entitled to more shares when he ends his role as a
Another Slim company, Inmobiliaria Carso, also holds 300,000
shares in Phillip Morris worth about $28 million, the filing
Shares in Phillip Morris, which had a 73.5 percent share of
Mexico's cigarette market in the first quarter, were down 0.9
percent, or 88 cents, at $94.12 in morning trading.