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Tan changes his style for cigarette deal 

Jump to full article: Financial Times (uk), 2010-02-25
Author: Roel Landingin in Manila

Intro:

It is not difficult to see the business sense behind Thursday�s agreement between Philip Morris International and Filipino businessman Lucio Tan to combine their cigarette businesses in the Philippines.

Between them the two companies will hold 90 per cent of the local tobacco market � a business that was last year worth about 78.9bn pesos ($1.7bn). Philip Morris is strong in the premium end of the market with brands such as Marlboro, while Mr Tan�s Fortune Tobacco dominates the low and mid-priced segments.

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