Grupo Carso S.A. de C.V. : GRUPO CARSO, S.A.B. DE C.V. (“GCARSO”) SHALL SELL 20% OF THE REMAINING CAPITAL OF PHILIP MORRIS MEXICO, S.A DE C.V. (“PMM”)
May 24, 2013 at 03:49 am EDT
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GRUPO CARSO, S.A.B. DE C.V. ("GCARSO") SHALL SELL 20% OF THE REMAINING CAPITAL OF PHILIP MORRIS MEXICO, S.A DE C.V. ("PMM")
Mexico City, Federal District., May 21, 2013 - GCarso announced that it shall sell to Philip Morris International, INC. ("PMI") the remaining 20% of its equity in PMM, a subsidiary of PMI, dedicated to the tobacco industry in Mexico. The final sale price, which is currently estimated at approximately $700 million US dollars, shall be calculated based on the formula previously agreed between the parties. The price shall be subject to a potential adjustment process that reflects the performance by PMM during a three year period that shall conclude in two years after finalizing the purchase. The transaction, which shall result in PMI owning 100% of PMM, is expected to be finalized on September 30, 2013, subject to the corresponding approvals.
For over 30 years, PMI has had a relationship with Grupo Carso and its founder, Carlos Slim Helú. "We wish to express our profound gratitude to Mr. Carlos Slim Helú and Grupo Carso, with whom we have built a successful partnership that has positioned PMM as the leading tobacco company in Mexico," stated André Calantzopoulos, Chief Executive Officer of PMI. "We have gained countless benefits from our partnership with Grupo Carso and are extremely confident of our capacity to continue having success in this important market in the years to come," added James Mortensen, President of PMI for Latin America and Canada Region.
"After more than 30 years of a very successful partnership, which has been harmonious and collaborative and that led to PMM to continuously increase its share in the tobacco industry, now it's time to leave PMM in the hands of one of the best management teams and one of the best organizations in the world, under the leadership of Louis Camilleri and André Calantzopoulos," stated Mr. Carlos Slim Helú on behalf of Grupo Carso. Mr. Slim Helú is a member of the Board of Directors of PMI.
In 2012, the interest held by PMI in the legal cigarette market in Mexico, which, in terms of the total industry has a volume of 33.6 billion cigarettes, was 73.5%. Marlboro, PMI's signature brand, is the leader in the Mexican market; in 2012, its market share totaled 53.6%.
Grupo Carso, S.A.B. de C.V. is a holding company. The Company holds interests in various companies, which operate in the industrial, retail, infrastructure and construction, and energy sectors. The Company's segments include Retail, Industrial, Infrastructure and Construction, and Carso Energy. The Company's subsidiaries include Grupo Sanborns, S.A.B. de C.V., which operates various retail formats in Mexico; Grupo Condumex, S.A. de C.V., which has a portfolio of products and services focused on meeting the needs of the telecommunications, construction, electricity, energy, automotive and mining industries; Carso Infraestructura y Construccion, S.A. de C.V., which serves the chemical and oil industry, pipeline installations, infrastructure, civil construction and housing developments sectors, and Carso Energy, S.A. de C.V., which holds interests in various companies in the sector of exploration and production of oil, gas and other hydrocarbons, and electricity.
GRUPO CARSO, S.A.B. DE C.V. 
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