Report: Philip Morris cannot sell Russian business as terms bad

MOSCOW, Feb 22 (PRIME) -- Tobacco producer Philip Morris is unable to sell the Russian business because the terms are unfavorable for the shareholders, CEO Jacek Olczak told the Financial Times in an interview released on Wednesday.

He said that the company discussed the deal with at least three large firms, but the negotiations went stall. The executive also said that the company would rather leave the business than sell it at bad terms.

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