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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 25, 1997
PHILIP MORRIS COMPANIES INC.
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(Exact name of registrant as specified in its charter)
Virginia 1-8940 13-3260245
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
120 Park Avenue, New York, New York 10017-5592
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (212) 880-5000
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On June 25, 1997, Philip Morris Companies Inc. issued the following
press release:
"NEW YORK, June 25, 1997 -- The Board of Directors of Philip
Morris Companies Inc. (NYSE: MO) today unanimously voted to support
the comprehensive tobacco proposals that were agreed to by Philip
Morris management last week.
While the agreement contains certain legislative and regulatory
provisions with which the company does not agree, the Board believes
achieving a resolution of the long-standing controversy surrounding
tobacco products is in the interest of the public and of our
shareholders.
We accept this compromise, which must now go before the
Congress, as the best available way to end decades of acrimony with a
national solution that achieves important public health goals,
permits our company to operate in a predictable legal and regulatory
environment, recognizes the rights of adult smokers to use tobacco
products, and ensures that the tobacco industry will remain an
important contributor to the U.S. economy.
We hope that these proposals will usher in a new era of
cooperation and tolerance with regard to tobacco issues, and we are
grateful for the hard work of all the participants in the
negotiations that has brought this proposal before the nation."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PHILIP MORRIS COMPANIES INC.
BY /s/ G. PENN HOLSENBECK
Vice President - Associate
General Counsel and Corporate
Secretary
DATE June 25, 1997
