Philip Morris International has withdrawn its $452 million bid to buy Colombian privately owned cigarette maker, Productora Tabacalera de Colombia (Protabaco), The Wall Street Journal reports. Philip Morris proposed bid was approved by Colombia’s Superintendent of Industry and Commerce in late 2010.
The seller of Marlboro cigarettes overseas missed its deadline of Jan. 4, 2010 to meet certain conditions and file a request with anti-trust regulators to move forward with the takeover bid. Any other suitor that may want to acquire Protabaco will now have to launch a new petition altogether.
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