Philip Morris Cos. said its subsidiary has...

Philip Morris Cos. said its subsidiary has extended the expiration date of its cash tender offer for all of the outstanding shares of common stock of Kraft Inc. until 5 p.m. EST, Dec. 2 . . . Willamette Industries has announced plans to permanently close its sawmill in Sweet Home, Ore., on Feb. 3, 1989. The closure will affect 97 employees . . . The Federal Reserve said the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate home mortgages, rose to 8.35% last week after averaging 8.10% the week before . . . Ramada Inc., betting its future on gaming operations in Nevada and New Jersey, plans to sell its hotel and restaurant operations. Shareholders would be paid at least $7 a share and would retain their interest in the restructured company . . . Baker Hughes Inc. said the number of working oil and gas rigs plunged by 45 this week to total 897, marking the largest single-week decline since February. A year ago the count was 1,174, the Houston-based company said. The count is a widely watched industry index of drilling activity.