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Philip Morris and Altria ditch merger talks amid vaping crackdown

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Philip Morris International Inc has abandoned merger talks with Altria Group Inc and will instead focus on the launch of its tobacco heating ...

REUTERS: Philip Morris International has scrapped merger talks with Altria Group and will instead focus on the launch of its tobacco-heating product iQOS in the United States, the company said on Wednesday.

The deal would have seen the tobacco companies reuniting a decade after their split and creating an industry heavyweight. Altria, though, has a 35per cent stake in U.S. market-leading e-cigarette company Juul Labs Inc, whose devices vaporize a liquid containing nicotine.Separately, Juul reported on Wednesday its CEO Kevin Burns was stepping down, and that it would suspend all broadcast, print and digital advertising in the United States.

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Philip Morris, Altria call off merger talksPhilip Morris International Inc has abandoned merger talks with Altria Group Inc and will instead focus on the launch of its tobacco heating ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Philip Morris, Altria call off merger talksPhilip Morris International Inc has abandoned merger talks with Altria Group Inc and will instead focus on the launch of its tobacco heating ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »