Altria (MO) Buyback Confirmed
Posted on Friday, October 19th, 2007 | In Stocks to WatchAltria (MO) assured investors that there would be share repurchases today on the earnings conference call.
Atria VP Dinny Devitre said “The Altria board will specify the share buy-back program and we will announce it sometime before the spin.”
There was the following exchange between Devitre and JP Morgan’s (JPM) Erik Bloomquist:
Dinny Devitre
The only thing clarification I can give is I’m talking about the current Altria board.Erik Bloomquist - JP Morgan
Okay, and so that will be a buyback pertaining to Altria’s post spin?Dinny Devitre
Altria and PMI post spinErik Bloomquist - JP Morgan
Okay so the announcement will discuss the aggregate buyback for the entire Altria group and then how that’s allocated between PMI and PM USA will be clarified post spin?Dinny Devitre
No, it will talk about the buyback plans for PMI separately and Altria separately.Erik Bloomquist - JP Morgan
Okay, and that will be announced prior to the spin being completed?Dinny Devitre
Yes.Erik Bloomquist - JP Morgan
Okay. But post the announcement of details on the spin on January 30?Dinny Devitre
Yes.
So the buyback plans are official and the timing and amounts will be announced after the Jan. 30th board meeting but before the spin of PMI is actually goes into effect.
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