Tobacco giants Philip Morris and Altria have ended merger talks. “Ultimately, we couldn’t come to terms,” Altria’s CEO said at the gtnf.
in the decade since the two split and cigarette smoking was losing favor among consumers.
The Marlboro maker's $12.8 billion investment in e-cigarette company Juul in December has soured as regulators including from U.S. and China ban its popular fruit-flavored pods from the market. Walmart, the nation's largest retailer, said last week it was going to stop carrying e-cigarettes altogether amid heightened regulatory scrutiny.
Philip Morris' stock jumped more than 6% Wednesday, bringing its market value to about $118 billion. Shares of Altria initially gained but were down 2.4% Wednesday afternoon, valuing the company at around $74 billion., now say they will focus on jointly launching IQOS, a heated tobacco product, in the United States.
Altria recently made investments that indicate plans to diversify beyond tobacco products. Its investment in Juul last year gave it a 35% stake in e-cigarette company. It's also invested in Canadian pot companyAn outbreak of a mysterious lung disease has hit the vaping industry. In a separate announcement Wednesday, embattled Juul saidwill replace Kevin Burns as CEO. As Altria's chief growth officer, Crosthwaite oversaw the company's expansion into heated tobacco products.
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