Philip Morris (PM) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On February 1, 2024, Philip Morris Products S.A. and Nicoventures Trading Limited, subsidiaries of Philip Morris International Inc. and British American Tobacco respectively, entered into a global settlement agreement. The agreement dictates the dismissal of certain legal proceedings, rescission of specific trade orders, and a comprehensive discharge of liability concerning their nicotine and non-nicotine heat-not-burn and e-vapor products. It includes mutual releases from claims and certain perpetual covenants not to sue, with provisions for royalty-bearing or royalty-free arrangements for future products. Additionally, the agreement allows for the retention of rights to assert claims for newer products and actions against trade secret misappropriation, with mechanisms for dispute resolution and terms for potential agreement termination.
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For a comprehensive understanding of the announcement, you can read the full document here.
