Tobacco giant Philip Morris will pay the EU 1.25 billion dollars (1.0 billion euros) over 12 years following an agreement between the two sides on the fight against contraband and counterfeiting of cigarettes.
In return, the EU on Friday (9 July) dropped its legal case against the tobacco company.
This agreement was signed by the European Commission, Philip Morris International and 10 of the 25 Member States which had supported the Commission’s legal action against the firm.
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