TOKYO- Japan Tobacco Inc. is in talks to acquire assets of Mighty Corp., the second-largest Philippine tobacco maker, it has been learned.

The Japanese tobacco maker is apparently aiming to promote its growth through business acquisitions abroad at a time when the domestic tobacco market is shrinking, informed sources said.

According to a document released by the Philippines' Department of Finance on Wednesday, Mighty is hoping to settle its tax liabilities partly by selling its manufacturing and distribution business and assets to an overseas unit of Japan Tobacco for a total of 45 billion Philippine pesos.

A Japan Tobacco spokesman said, "It's true that we're in talks with Mighty on acquiring its manufacturing and distribution assets." (Jiji Press)