Jump to full article: Seeking Alpha blog network, 2007-05-01
Author: Todd Sullivan
Intro: Todd Sullivan submits: There were a couple of very important items discussed and disclosed at Altria Group's (MO) annual meeting today. Here they are with opinion.
CEO Camilleri:
Over the next several months, we will continue to carefully and diligently examine the benefits of a spin-off of Philip Morris International [PMI] and other possible value-enhancing options to decide the optimal long-term strategic course to follow. . . .
PM USA continues to be the only major cigarette manufacturer supporting regulation of the tobacco industry by the U.S. Food and Drug Administration (FDA). This February, legislation was introduced in the U.S. Congress that would grant the FDA comprehensive regulatory authority over all tobacco products sold in the United States. We believe that this proposed legislation offers the prospect of effectively reducing harm and providing real solutions to the many complex issues involving tobacco.
Altria and Philip Morris USA (PM USA) believe regulation of tobacco products by the Food and Drug Administration [FDA] would establish a comprehensive national tobacco policy that could potentially create a competitive framework within which manufacturers are focused on reducing the harm tobacco use causes. The companies believe regulation would also bring predictability and clear standards to the tobacco industry in the United States.
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