Philip Morris calls off Protabaco's planned acquisition

(TradingMarkets.com) US tobacco giant Philip Morris (NYSE: PM PowerRating) said it will not proceed with the planned USD452m (EUR343.8m) acquisition of Colombian cigarette maker Productora Tabacalera de Colombia, or Protabaco. The proposed transaction got a conditional go-ahead by the Colombian competition regulator in October, but an evaluation showed that the requirements were too burdensome, Philip Morris added. Continued