At end of March, Altria Group (MO) spun off Phillip Morris International. For each share of Altria, shareholders received one share in Phillip Morris International (PM). Additionally, the dividend for Altria was adjusted as PMI will begin paying a dividend equal to the adjustment. The Altria/Phillip Morris International spin-off news release notes:
"Altria reaffirmed its intention to adjust its current dividend so that following the distribution of shares of Philip Morris International to Altria stockholders, those stockholders who retain their Altria Group, Inc. and PM shares will receive, in the aggregate, the same dividend dollars as before the distribution of PM shares on March 28, 2008. Following the distribution, PM's initial annualized dividend rate will be $1.84 per common share and Altria Group, Inc.'s initial annualized dividend rate will be $1.16 per common share. All decisions regarding future dividends will be made independently by the Altria Group, Inc. Board of Directors and the PM Board of Directors, for their respective companies. Additional information regarding the Phillip Morris International/Altria Group spin-off is available at http://www.altria.com/investors/2_2_1_pmispinoff.asp"