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Altria Group to Spin Off International Tobacco Unit (Update7) 

Altria Group Inc., the world's largest tobacco company, plans to spin off Philip Morris International after being pressured by investors who want faster overseas growth and less risk from U.S. smokers' lawsuits.

A final decision on the timing will be announced at a board meeting Jan. 30, Altria said today in a statement. The company also boosted its dividend 8.7 percent to 75 cents a share.

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