Finance History | 11 Wall Street — One Altria Share Became One International Share Called PM
· 2008-3
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Finance History | 11 Wall Street — One Altria Share Became One International Share Called PM
kevin
People treat Philip Morris International as a Stamford tobacco house that always printed PM after a finished New York book.
The March 2008 issuer was Philip Morris International Inc., the Delaware company Altria Group distributed to its own holders.
Altria's 28 March 2008 press release, filed with the SEC, records the distribution: one share of PMI for every Altria share of record as of 19 March 2008.
The same release states that regular-way trading in PM would open on the New York Stock Exchange on 31 March 2008, with Altria remaining on the tape as MO.
NYSE Euronext's listing notice of that Monday records Louis Camilleri ringing the opening bell for the new book.
Period tape for 31 March 2008 puts the open at 52.40 dollars, the high at 54.70 dollars, and the close at 50.58 dollars in 2008 currency, on volume of about 16.8 million shares.
The present tape is still PM on the New York Stock Exchange.
The mechanism is a tax-free spin-off. A domestic parent handed its international cigarette book to existing holders so the two businesses could trade as separate listed companies.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed PM since that Monday.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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