US conglomerate, Philip Morris, appears to be moving closer to the widely predicted sell-off of its brewing subsidiary, Miller Brewing. According to reports, Philip Morris has appointed the New York office of merchant bank, Dresdner Kleinwort Wasserstein, to advise on its options regarding Miller, valued at about US$6 billion.

Philip Morris is understood to wish to retain a participation in Miller, possibly up to around a 20% stake. Among the parties known to be interested in Miller are South African Breweries and Interbrew.