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• UPDATE 2-Philip Morris unit buys Colombia co. for $300 mln 

(Adds expansion in developing world, Indonesian bid)
Jump to full article: Reuters, 2005-04-25

Intro:

A Dutch unit of Philip Morris has bought 96.65 percent of Colombia's biggest cigarette manufacturer, Coltabaco (CCT.CN) , for $299.6 million, the Colombian Stock Exchange said on Monday.

Top shareholders in Coltabaco -- the largest Latin American cigarette maker not controlled by Philip Morris or its competitor British American Tobacco (BATS.L) -- had recommended acceptance of the public offer, which was announced last August.

Philip Morris, controlled by Altria Inc. (MO.N) , is seeking to grow in developing countries. The company is also bidding to buy Indonesian tobacco company PT Hanjaya Mandala Sampoerna Tbk (HMSP.JK) for $5 billion.

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