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Philip Morris International Inc. (PMI) today celebrated its listing and first day of trading on NYSE Euronext’s New York and Paris markets under the ticker symbol “PM” following its spin-off from Altria Group, Inc. (NYSE: MO), which remains listed on the NYSE.
"We welcome the cross-listing of Philip Morris International in our US and European markets," said Duncan L. Niederauer, CEO, NYSE Euronext. “NYSE Euronext is the first exchange group to offer a truly global, cross-border listing program, providing the ability to trade in dollars and euros as well as the opportunity to reach investors across continents and multiple time-zones.”
"We are delighted that Philip Morris International has decided to list on Euronext’s European markets, in addition to its listing on NYSE in the US", added Jean-François Théodore, Deputy CEO, NYSE Euronext. "This is the second international company to list on the Paris market within the space of a week and the seventh company to be listed on our combined European markets since the beginning of the year. The arrival of such international companies, particularly in current market conditions, demonstrates the twin advantages NYSE Euronext offers: of being able to list in both the world’s major currencies and gain unmatched access to investors in the Eurozone, which no other exchange yet offers. " Louis Camilleri, PMI Chairman & CEO, rang today’s NYSE Opening Bell to mark the commencement of trading in New York and Paris.
"We are extremely excited to begin this next phase of PMI’s history," said Louis C. Camilleri, Chairman and Chief Executive Officer of Philip Morris International Inc. "We are committed to extending PMI's tremendous track record of success. With more than 75,000 dedicated employees, global leadership and scale, excellent geographic balance and a world class brand portfolio, we are well positioned to continue our growth in the tobacco industry and to provide strong returns to our shareholders."
Altria Group, Inc. is the former parent company of PMI. The Board of Directors of Altria Group, Inc. voted on Jan. 30, 2008 to authorize the spin-off of the shares of PMI to Altria’s shareholders. The distribution was made on March 28, 2008.
Background about Cross-Listing on NYSE Euronext European markets:- NYSE Euronext is the first and only exchange group to offer a truly global cross-market listing, trading and visibility platform, providing cost-effective, convenient access to liquidity and investors in the U.S. and in Europe.
- NYSE Euronext is the first exchange group to offer companies ability to trade and raise capital in $ and EUR, and reach investors and constituents directly across continents and multiple time-zones, regions and countries.
