Philip Morris and Altria in merger talks as Marlboro fades and…

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Marlboro maker Philip Morris International Inc said on Tuesday it was in talks to reunite in a merger with Altria Group Inc following its 2008 spin-off, as the tobacco giants seek to pool resources in the fast growing e-cigarette market.

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(Reuters) – Marlboro maker Philip Morris International Inc (PM.N

FILE PHOTO: A woman tries Philip Morris’ IQOS 3 MULTI device after its launching event in Tokyo, Japan, October 23, 2018. REUTERS/Kim Kyung-Hoon/File Photo

In a note to clients on Tuesday, Wells Fargo analyst Bonnie Herzog said a deal would create the leading global nicotine company by improving cash flow and accelerating the worldwide rollout of Juul and iQOS.

Philip Morris has annual revenue of nearly $30 billion, while Altria generated about $20 billion last year. Both companies said there could be no assurance a deal would be reached.

Any deal would need to be approved by the companies’ respective boards and shareholders.

Reporting by Uday Sampath in Bengaluru and Greg Roumeliotis in New York; Additional reporting by Vanessa O’Connell in New York and Chris Kirkham in San Francisco; Editing by Dan Grebler and Rosalba O’Brien


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Author:

Marlboro maker Philip Morris International Inc said on Tuesday it was in talks to reunite in a merger with Altria Group Inc following its 2008 spin-off, as the tobacco giants seek to pool resources in the fast growing e-cigarette market.

Source: {authorlink}

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