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The wolf changes its sheepskin

Last November, Philip Morris (PM) announced that it was going to ask its shareholders' approval to change the company's name to the Altria Group, Inc. PM is the world's 48th largest economic entity with a market capitalisation value of $105 billion, placing it ahead of the value of all stock combined in nations such as Greece, Ireland, and Chile. The company produces Miller beer, Kraft, and other well known food products in addition to its cigarettes mainstay. Chairman and chief executive officer, Australian born Geoffrey C Bible, said he proposed the change for two reasons. One was "a need for clarity" and the other reason was "the evolution of Philip Morris Companies Inc".

PM's internal documents, however, reveal very different reasons for the company seeking to change its name. A corporate marketing strategy document written for PM in December 1993 by an "identity consultant", as part of PM's "Identity Development . . . [Full text of this article]