Tobacco Documents Online

l "if these directors won't meet with us, we will need to find directors that will," said Anne Hansen, deputy director of the Council of Institutional Investors. "There is an election next spring; you can't cancel that." "U.K. Clears B.A.T.'s Acquisition of American Tobacco" Reuters (7/13/94) London--Trade and Industry Secretary Michael Heseltine has decided to clear the proposed acquisition by B.A.T. Industries PLC of the American Tobacco Company division of American Brands Inc. B.A.T said in April it planned to buy the American Brands division for around one billion dollars. The deal is due to completed in December and could add seven percentage points to B.A.T.'s 11 percent share of the U.S. tobacco market. "John J. Tucker To Retire From Senior VP Position at PM" Dow Jones and Company, Inc. (7/13/94) The Wall Street Journal reported that John J. Tucker, senior vice president of human resources for Philip Morris, has "confirmed his, intention to retire" Aug. 1, according to a Philip Morris internal memorandum issued yesterday. Mr. Tucker was the closest confidant of Mr. Miles, the former chairman, within the company, according to Philip Morris executives. Mr. Tucker couldn't be reached for comment. The memo said Mr. Tucker's retirement will allow his family to return to the Midwest in time for his daughter to enroll in high school there. "Universal Corp. Plans Restructuring" Richmond Times-Dispatch (07/12/94) P. C1; Ress, David Richmond-based Universal Corp. announced late yesterday a major restructuring and that the corporation's earnings would fall by more than a third from last year's level. Universal's earnings for the fiscal year fell 35 percent to 40 percent from the previous year's level. The Fortune 500 company said that its estimate for this year's drop excludes the estimated $13 million-to-$18 million pretax cost of its restructuring, which involves the "consolidation ... of operations and services in company facilities around the world." The oversupply of tobacco was one of several reasons behind the restructuring, according to Karen Whelan, Universal's vice president and treasurer. The savings to the company through restructuring represent 5 percent to 7 percent of most of Universal's expenses for last year. About 55 percent of Universal's revenue comes from its U.S. tobacco and seed businesses. I