Word: nabisco
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...impact of the settlement last week, the stock of several tobacco companies took a drubbing. Among them was Philip Morris, which plunged $17.50 a share to finish trading for the week at $111.50--a drop of 13.6% or $14 billion in market value. Also punished was stock of RJR Nabisco, parent company of R.J. Reynolds (Winston, Camel), which closed at $31 a share on Friday for a five-day drop...
LeBow, 59, makes an unlikely populist hero. He's an '80s-style corporate buccaneer who plundered Western Union, rattled American Brands and took runs at Prime Computer and RJR Nabisco. As head of the Liggett tobacco company, he has contributed to one of America's unhealthiest habits, but last week, ironically, he became the bearer of gifts to those plotting the demise of the cigarette industry. In settling a raft of lawsuits, LeBow agreed to turn over documents that presumably tell what the tobacco execs knew and when they knew...
...proxy fight in 1995-96--in which LeBow proposed to split the company into two pieces, the Nabisco Brands food group and the R.J. Reynolds tobacco firm--was ultimately rejected by skeptical stockholders. "I think it was...an issue of character," said tobacco-industry analyst Ellen Baras at the time. "I think there are people who would support a spin-off of Nabisco, but not by LeBow." One of the prime factors was LeBow's dubious reputation as a manager. In 1994 his own shareholders had sued him, claiming he had taken millions of dollars in improper loans; LeBow settled...
...valuation of tobacco rocketing skyward -- Philip Morris stock rose $6 in February on rumors that a deal might be near. Wall Street seemed pleased by the settlement news: Brooke Group, the parent company of Liggett, rose 5/8 to 47/8, while Philip Morris tumbled 61/8 to 1157/8 and RJR Nabisco fell 3/4 to 311/2. But Philip Morris won't be following Liggett's lead, at least until the company decides that it's share of the some $600 million Big Tobacco spends annually fending off lawsuits is too much...
...smoking lately, you'd think the Surgeon General had just discovered that it's the paper, not what's wrapped inside, that makes cigarettes deadly. In just five months, shares of the nation's biggest tobacco company, Philip Morris (Marlboro), have risen 47% while shares of No. 2, RJR Nabisco (Winston, Camel), have jumped 39%. Sure, the industry just won a slew of important court cases. But that's hardly news. Big Tobacco has been snuffing out liability claims in the courts for decades. What's new is a persistent buzz that some kind of deal is in the works...