UPDATE 5-Juul boss exits in vaping crisis as Philip Morris, Altria axe merger talks [Reuters (UK)]
Altria Group, Inc. (MO)
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Source: Reuters
Juul boss exits in vaping crisis as Philip Morris, Altria axe merger talks - Reuters 5 Min Read (Reuters) - The chief executive of e-cigarette maker Juul stepped down on Wednesday as merger talks between its biggest investor Altria and Philip Morris collapsed in the face of a regulatory backlash against vaping that could reshape the industry. Juul Labs, in which tobacco giant Altria Group ( MO.N ) owns a 35% stake, is facing intense scrutiny in its home market as teen use of e-cigarettes surges. The company, which faces a U.S. ban on some products, said on Wednesday that it would suspend all advertising in the country. Marlboro makers Philip Morris International ( PM.N ) and Altria, announcing the end of their $187 billion merger talks, said they would instead focus on the joint launch of tobacco-heating product iQOS in the United States. “It appears to us the talks fell apart over Juul,” Wells Fargo analyst Bonnie Herzog wrote in a note, adding she was not surprised, given the li
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- 10/2/24 - Form 4
- MO's page on the SEC website