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TIME: Almanac 1990s
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1994-03-25
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<text id=93TT1171>
<title>
Mar. 15, 1993: Cookies or Cigarettes
</title>
<history>
TIME--The Weekly Newsmagazine--1993
Mar. 15, 1993 In the Name of God
</history>
<article>
<source>Time Magazine</source>
<hdr>
THE WEEK, Page 20
BUSINESS
Cookies or Cigarettes
</hdr>
<body>
<p>A new plan by RJR Nabisco will create a smoke-free zone for
investors
</p>
<p> Smoking? Or nonsmoking? People are offered such a choice by
restaurants and airlines. But now investors will be able to
choose under a novel stock plan devised by tobacco and food
giant RJR Nabisco. As part of a deal to raise $1.5 billion to
reduce its $14 billion debt, RJR Nabisco will create two new
classes of stock: RN-Reynolds, which will mainly represent the
company's tobacco business, and RN-Nabisco, a proxy for the
firm's food operations. RJR Nabisco is the nation's largest
cookiemaker and the second biggest cigarette manufacturer.
</p>
<p> Stock analysts applauded the plan because it will allow the
two parts of RJR to be valued for their individual worth. And
since some investment funds have been barred from holding RJR
shares for ethical reasons, the deal would attract new
investors.
</p>
</body>
</article>
</text>