[May 21, 2013] Slim's conglomerate to sell stake in Philip Morris' Mexico unit Tweet Mexico City, May 21, 2013 (EFE via COMTEX) -- Philip Morris International has agreed to acquire the remaining 20 percent stake in its Mexico unit from Mexican magnate Carlos Slim's Grupo Carso for roughly $700 million. In a regulatory filing Tuesday, Slim's conglomerate said the final price would be calculated on the basis of a mutually agreed formula. The price is subject to a potential adjustment that reflects Philip Morris Mexico's performance over a period of three years that will culminate two years after the transaction closes, Grupo Carso said. The transaction, which is subject to regulatory approval, is expected to close by Sept. 30, 2013. Once the deal is finalized, PMI will have a 100 percent stake in its Mexico business. PMI's CEO, Andre Calantzopoulos, described his company's more than 30-year relationship with Grupo Carso and its founder, Slim, as a successful partnership that has positioned PMI as the tobacco industry leader in Mexico. Slim, which Forbes magazine ranks as the world's wealthiest individual, is a member of PMI's board of directors, Grupo Carso noted in the filing. PMI had a 73.5 percent share of Mexico's cigarette industry volume of 33.6 billion cigarettes in 2012. Marlboro, its flagship brand, was the market leader last year in Mexico with a 53.6 share. Grupo Carso, one of Mexico's leading conglomerates, comprises companies ranging from wire and cable producer Grupo Condumex to infrastructure and construction companies PC Constructores, Swecomex (which makes offshore oil platforms) and Carso Infraestructura y Construccion. EFE pmc/mc [ Back To TMCnet.com's Homepage ]