Philip Morris in talks to reunite With Altria

Philip Morris International, the maker of Marlboro cigarettes in overseas markets, is in talks to reunite with Altria Group more than 10 years after the tobacco giants split their operations. The deal would be the biggest since AT&T Inc. bid for Time Warner in 2016. Philip Morris had a market value of nearly $126.4 billion at the close of trading on Aug. 23, before speculation of a possible deal gained traction, while Altria was worth about $86.7 billion. The companies broke apart more than a decade ago, bowing to pressure from U.S. investors who wanted higher dividends and more share buybacks. The move was also pitched as a way to set free faster-growing overseas operations while the U.S. business was entangled in smoker lawsuits. But times have changed. Altria has recently diversified its portfolio with investments in vaping and cannabis, giving the company more growth potential even as fewer people smoke cigarettes. Some analysts and investors have argued that the companies should get back together, a move that would give Philip Morris more U.S. exposure. The transaction would give Philip Morris roughly 58% ownership of the new company, with Altria holding the rest, according to a person familiar with the terms who asked not to be identified because the details haven’t been made public. They are considering a no-premium deal based on the companies’ closing share prices on Aug. 23, according to the person. The companies would aim to close the deal within six... Continue reading at 'Advertising Age'

[ Advertising Age | 2019-08-27 18:36:32 UTC ]
News tagged with: #films based #cbs corp #bloomberg intelligence #time warner

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Talking Cats, Magical Villainy, and More Dynamite Recommendations

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Book Club: Let’s Talk About ‘My Brilliant Friend’

The first novel in Elena Ferrante’s Neapolitan quartet was just voted the best book of the 21st century. We like it too. Continue reading at The New York Times

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A Civic Education in YA: YA Book Talk and News, August 22, 2024

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Seeing God in the 'Smallest Moments': PW Talks to 'Guideposts' Editor-in-Chief Edward Grinnan

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Industry Professionals Talk Racism in Book Cover Design

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