Technology Philip Morris and Altria ditch merger talks as Juul faces crisis

18:08  25 september  2019
18:08  25 september  2019 Source:   reuters.com

T-Mobile's Sprint merger faces opposition from more states

T-Mobile's Sprint merger faces opposition from more states Attorneys general argue the merger will harm competition and cost consumers.

(Reuters) - Tobacco giants Philip Morris International (N:PM) and Altria Group (N:MO) have scrapped merger talks as Altria -backed e-cigarette maker Juul Labs sank deeper into crisis and said it would suspend advertising in the United States. The abandonment of the talks , announced on Wednesday

Best Buy's first investor meeting in two years comes as the electronics retailer faces headwinds from the Trump administration's trade policies on goods made in Technologyread more. Vaping giant Juul is cutting staff in restructuring as scrutiny The company is eliminating some of its 3,900 employees

Philip Morris International has scrapped merger talks with Altria Group and will instead focus on the launch of its tobacco-heating product iQOS in the United States, the company said Wednesday.

The abandonment of the megamerger comes at a time when e-cigarettes and vaping are facing intense regulatory scrutiny across the world, rattling the tobacco industry and the strategies of big players.

"After much deliberation, the companies have agreed to focus on launching iQOS in the U.S. as part of their mutual interest to achieve a smoke-free future," Philip Morris CEO André Calantzopoulos said. The deal would have seen the tobacco companies reuniting a decade after their split and creating an industry heavyweight.

Philip Morris's leading heat-not-burn product, iQOS, is not a typical vaping device but instead heats packages of ground-up tobacco into a nicotine-filled aerosol.

Altria, though, has a 35% stake in U.S. market-leading e-cigarette company Juul Labs Inc, whose devices vaporize a liquid containing nicotine.

Separately, Juul reported on Wednesday its CEO Kevin Burns was stepping down, and that it would suspend all broadcast, print and digital advertising in the United States.

New York, California and two Washington state counties file lawsuits against e-cigarette company Juul .
Lawsuits against e-cigarette maker Juul were filed this week by the states of California and New York, two Washington state counties and a school district for allegedly targeting minors. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); The lawsuits claim Juul's advertising campaigns target young people to use nicotine without knowing the associated risks by enticing them with flavor pods.

—   Share news in the SOC. Networks
usr: 1
This is interesting!