Philip Morris and Altria End Investing.com Merger Discussions

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© Reuters.

Investing.com – Philip Morris (NYSE 🙂 and Altria (NYSE 🙂 terminated the merger negotiations, according to statements posted on their respective websites.

• Both cigarette manufacturers were in discussion about a potential merger.

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

• Meanwhile, Juul's CEO, Kevin Burns, leaves his post and is replaced by former Altria executive (NYSE :), KC Crosthwaite.

• Altria (NYSE 🙂 holds a 35% stake in the Juul electronic cigarette company.

• E-cigarettes have been under pressure recently since the FDA opened a criminal investigation into US-related deaths and illnesses.

• Philip Morris (New York Stock Exchange 🙂 jumped 5.3% in pre-market trading, while Altria (NYSE: 🙂 rose 0.3%.

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