Philip Morris and Altria ditch merger talks as Juul faces crisis

REUTERS: Tobacco giants Philip Morris International and Altria Group have scrapped merger talks as Altria-backed e-cigarette maker Juul Labs sank deeper into crisis and said it would suspend advertising in the United States.

"After much deliberation, the companies have agreed to focus on launching iQOS in the U.S. as part of their mutual interest to achieve a smoke-free future," Philip Morris CEO André Calantzopoulos said. Juul's devices, though, vaporize a liquid containing nicotine, and such e-cigarettes have borne the brunt of the regulatory crackdown.The deal would have seen the tobacco companies reuniting a decade after their split and creating an industry heavyweight.

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