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Current issue      FRONT PAGES       news Spin-offs, buybacks, takeovers seen after settlement NEW YORK- The large U.S. tobacco companies will most likely announce spin-offs, stock buyback programs, and possible mergers or takeovers now that the settlement with the States has come through. Philip Morris Cos. immediately announced plans to buy back $8 billion of its stock. Some analysts predict that Philip Morris will spin off its Kraft food unit, the second largest food processing group in the world. RJR Nabisco Holdings Corp. has said it would likely spin off its Nabisco division, American's largest cookie and cracker company, once its biggest legal threats eased. It may also find a partner or buyer for its international tobacco unit, with British American Tobacco a likely candidate, analysts said.

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