Altria Group (MO) announced it was increasing the company's quarterly dividend by 8.7%. The new quarterly dividend will equal 75 cents per share versus 69 cents per share in the same quarter last year.
Additionally, MO's board of directors announced the company would spin off its international business, Phillip Morris International, Inc., to MO shareholders. The details of the spin off will be determined at the company's next board meeting on January 30, 2008.
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