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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