Philip Morris to Buy Lakson Tobacco

Altria Group Inc.’s Philip Morris International is all set to acquire majority stake in Lakson Tobacco Co., Pakistan’s second-largest cigarette maker, for $338.9 million. Philip Morris will buy 50.2 percent of Karachi-based Lakson for $10.96 a share. It currently owns 40 percent. Lakson made $29.8 billion of the 63 billion cigarettes sold, than $27.6 million a year earlier. The country’s tobacco industry grew 5 percent last fiscal year. Morven Gold is Lakson’s leading brand in the market with an estimated 37 percent share, followed by Diplomat and Royals. Lakson Tobacco is also the licensed manufacturer of Philip Morris’s Marlboro and Red & White brands in Pakistan. Lakson Executive Director Shahid Ahmed Khan said; We welcome Philip Morris’s stated desire to continue to work with Lakson to further solidify the company’s market position and ensure our continued success in Pakistan