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• Altria Dims as Overseas Spinoff Gets Marlboro Growth (Update1) 

For anyone anticipating the outcome of the spinoff of Altria Group Inc.'s Philip Morris International tomorrow, the best part may be the worst part.

Philip Morris International, the biggest chunk of the Marlboro cigarette franchise, provides 75 percent of Altria's revenue and two-thirds of the profit and is ``a pretty easy choice,'' said Donald Yacktman, who oversees $1 billion as president of Yacktman Asset Management in Austin, Texas. The firm owned 61,704 Altria shares as of Dec. 31.

The spinoff's goal is to grab more smokers in developing markets, where the habit is on the rise and increasing wealth is spurring purchases of Marlboro, the world's top-selling brand.

``If you have a 5- to 10-year view, the stock you'd want to own is Philip Morris International,'' says Brian Barish, who manages 4.5 million Altria shares as president of Cambiar Investors in Denver. The firm oversees $8 billion in assets.

``There's growth in big, populous countries like China, India, Indonesia and Thailand,'' Barish said. ``In the U.S., tobacco use has been in secular decline for multiple decades.''

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