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Jump to full article: Manila Standard Today (ph), 2010-02-26
Intro: IT was billed as a marriage of partners but taipan Lucio Tan of Fortune Tobacco and Philip Morris International Asia-Pacific president Matteo Pellegrini both disappeared after signing the joint-venture papers at the Makati Shangri-La Thursday.
Left to fend off questions from the nosy press were Tan's brother, Harry, who was uncharacteristically clad in an investment banker's black suit instead of the usual barong; Fortune Tobacco chief executive Salvador Mison; and Philip Morris country head Chris Nelson, who, incidentally, is married to a Bicolana.
Despite the new company, tentatively named PMFTC Inc., controlling the production, marketing, distribution and export of Philip Morris and Fortune products, the union could still not be classified as a merger since the two underlying tobacco companies will still maintain their corporate identities, said Nelson.
Nelson, who had been designated president and chief executive of PMFTC, was also tight-lipped as to which assets and liabilities had been assigned by both partners to their joint venture or its capitalization.
A check with the Securities and Exchange Commission showed that no incorporation papers of PMFTC were on file as of Thursday.
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