Representation of Fortune Tobacco Corporation in a joint venture with Philip Morris International

Firm Role: Joint Venture Partner's Counsel

Hughes Hubbard represented Fortune Tobacco Corporation in a joint venture with Philip Morris International. Each of FTC and PMI hold an equal economic interest in the new company, PMFTC. The Philippines is one of the largest global cigarette markets, with an estimated 2009 volume of 85 billion cigarettes. The Chairman of PMFTC will be Lucio Tan, the Chairman of FTC, and PMI will manage the day-to-day operations of the venture. FTC is one of the five largest privately owned cigarette companies in the world. PMI is a leading international tobacco company, with seven of the world’s top 15 brands, including Marlboro, the number one cigarette brand worldwide.