In any break-up, comparisons with the ex are inevitable. In the case of Altria and Philip Morris International, the differing fates of the US tobacco company and the international operations it recently spun off reflect a larger split in the tobacco market.

PMI, freed to seek out overseas growth, shows signs of fulfilling its promise. Smokers in emerging markets find its pricier brands alluring, to the extent that PMI recently increased full-year earnings guidance to reflect growth of 19 to 21 per cent. Life is also good for its nearest competitor, British American Tobacco, which again beat expectations last week with strong growth in Russia, Romania and Asia. A wave of consolidation has left few takeover targets available. So both companies are building market share through innovation: BAT emphasises unusual packaging while PMI has added low-tar ‘Filter Plus’.