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.

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