Altria to spin off Philip Morris

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Altria Group, Inc.'s board of directors will pursue the spinoff of Philip Morris International Inc. to Altria's shareholders, according to a statement released by the company.

Final details and a timeline for the spinoff are expected to be released at Altria's meeting on Jan. 30.

The board also upped the quarterly dividend by 8.7% to $0.75 per common share from $0.69. The next dividend is payable on Oct. 10.

In March, Altria said its shareholders would receive 0.692024 of a share of Kraft Foods Inc. for each share of Altria common stock as part of its spinoff of Kraft.

New York-based Altria, through its subsidiaries, manufactures and sells cigarettes and other tobacco products.

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