NewsBreak: philip morris, altria end merger talks By – Investing.com, Investing.com

        

© Reuters.                 

        

Investing.com – Philip Morris (NYSE 🙂 and Altria (NYSE 🙂 have ended merger talks, according to statements on their respective websites.

• The two cigarette companies were in discussion over a possible merger.

• Philip Morris (NYSE 🙂 spun off from Altria (NYSE 🙂 in 2008.

• Meanwhile, Juul CEO Kevin Burns is stepping down and being replaced by former Altria (NYSE 🙂 executive KC Crosthwaite.

• Altria (NYSE 🙂 has a 35% stake in e-cigarette company Juul.

• E-cigarettes have been under pressure recently after the FDA opened up a criminal investigation into vape-related deaths and illnesses across the U.S.

• Philip Morris (NYSE 🙂 stock jumped 5.3% in premarket trade, while Altria (NYSE 🙂 inched up 0.3%.

              

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