Altria: ends merger talks with Philip Morris International
(CercleFinance.com) - Altria today announced that its merger discussions with Philip Morris International have now ended, at a time when its subsidiary Juul has been accused of encouraging the underage use of vapor products.
The companies said they will focus on the commercialization of IQOS - a heated tobacco product approved by the US FDA.
In addition, earlier today, Altria's Juul announced the appointment of K.C. Crosthwaite as its CEO, with Crosthwaite stepping down from his position as chief strategy and growth officer at Altria.
"This decision by Juul recognizes that this is a critical time for the company," the startup said.
All these announcements overshadowed the fact that Altria tightened its guidance for 2019 full-year adjusted EPS to a range of 4.19 dollars to 4.27 dollars, from a previous range of 4.15 dollars to 4.27 dollars.
Philip Morris International jumped 5.2% after the news, while Altria shares were flat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The companies said they will focus on the commercialization of IQOS - a heated tobacco product approved by the US FDA.
In addition, earlier today, Altria's Juul announced the appointment of K.C. Crosthwaite as its CEO, with Crosthwaite stepping down from his position as chief strategy and growth officer at Altria.
"This decision by Juul recognizes that this is a critical time for the company," the startup said.
All these announcements overshadowed the fact that Altria tightened its guidance for 2019 full-year adjusted EPS to a range of 4.19 dollars to 4.27 dollars, from a previous range of 4.15 dollars to 4.27 dollars.
Philip Morris International jumped 5.2% after the news, while Altria shares were flat.
Copyright (c) 2019 CercleFinance.com. All rights reserved.