Philip Morris International reached a deal to buy an additional 50.21% stake in Pakistan-based cigarette manufacturer Lakson Tobacco for $339 million.

The Altria ( MO) unit currently holds a 40% stake in Lakson Tobacco, and the transaction will bring its total interest to roughly 90%.

Lakson Tobacco is Pakistan's second-largest tobacco company, with an estimated cigarette volume of 29.8 billion units in the fiscal year ended June 30, 2006.

Separately, Deutsche Bank downgraded Altria's shares to hold from buy.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday