Loews to spin off of Lorillard cigarette unit
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Loews Corp  on Monday said it plans to spin off its cigarette unit, Lorillard Inc, which makes Newport, Kent and Maverick cigarettes.
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Smoker&#39;s delight: Reporting earnings for the first time since it was created by the merger of RJ Reynolds and the US operations of Brown &amp; Williamson Tobacco, Reynolds American (nyse: RAI - news - people ) posted third-quarter profit of $339 million, or
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Cablevision Systems Corp. on Tuesday said it was suspending a spinoff of Rainbow Media Enterprises and would pursue strategic alternatives for the division&#39;s Voom satellite television service instead.
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DaimlerChrysler AG  is advancing plans to sell or spin off Chrysler Group, its struggling U.S. unit, and has already received "several expressions of interest from around the world," the Wall Street Journal reported on its Web site on Sunday.
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Conglomerate Loews Corp. LTR.N on  Monday said it agreed to buy Gulf South Pipeline LP, which owns  and operates an 8,000-mile interstate natural gas pipeline  system, from Entergy-Koch LP for $1.136 billion.
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A spinoff of Philip Morris International would be the latest step in a restructuring process started in March when Altria spun off its majority stake in Kraft Foods.
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Financial technology firm says it will spin-off data recovery unit in tax-free move to shareholders. NEW YORK  - Financial technology company SunGard Data Systems Inc.
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Altria Group Inc., the owner of cigarette maker Philip Morris and Kraft Foods Inc., may separate into two or three units after tobacco litigation dragged down the stock.
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The Gallaher Group, maker of Benson & Hedges and Silk Cut cigarettes, confirmed that it had received a takeover approach from a bidder it did not identify, setting off a 22 percent gain in its share price. Gallaher confirmed the bid in a statement to the London Stock Exchange after the market closed Wednesday. The bid reinforced recent speculation that the tobacco industry is due for consolidation and shares rose across the sector. ÂWe see the tobacco sector broadly benefiting from the Gallaher approach,Â said a Goldman Sachs analyst, Mark Lynch. ÂExpectations of industry consolidation have been widespread for many years.Â Analysts said one potential bidder for Gallaher would be Japan Tobacco. Gallaher has long been linked to Japan Tobacco, as it holds the right to market and sell Japan TobaccoÂs Camel cigarettes in parts of Europe. Credit Suisse said a tie-up between the two would be a Âparticularly good strategic fit.Â It would address Japan TobaccoÂs subscale position in Western Europe and strengthen its competitive position in Eastern Europe, the brokerage firm said.
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Altria Group Inc.  on Wednesday said it plans to spin off its 89 percent stake in Kraft Foods Inc.  on March 30, completing the long-awaited separation of the maker of Oreo cookies from the Philip Morris tobacco companies.
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The U.S. tobacco king sets a date for its planned spinoff and announces share buybacks boosting its shares.
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American Express Co., the global  credit card and travel services company, said on Tuesday it  will spin off its less-profitable personal finance unit,  boosting earnings prospects and its stock to the highest level  in more than four years.
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Rank Group is working on plans to split off its Deluxe international film and DVD business to focus on bingo, casinos and Hard Rock cafes.
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Altria Group Inc.  said it plans to move  its U.S.-based cigarette production for non-U.S. markets to its  facilities in Europe and will close its Cabarrus, North  Carolina manufacturing facility by the end of 2010.
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Cablevision Systems Corp. CVC.N on  Tuesday said it was suspending a spinoff of Rainbow Media  Enterprises and would pursue strategic alternatives for the  division's Voom satellite television service instead.
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Cablevision Systems Corp. on Tuesday said it was suspending a spinoff of Rainbow Media Enterprises and would pursue strategic alternatives for the division's Voom satellite television service instead.
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Wal-Mart Stores Inc  is set to shake up its sluggish apparel unit by shutting two divisions at its Arkansas headquarters, eliminating dozens of positions and moving dozens more to New York, the New York Times reported on Wednesday.