Altria (NYSE:MO) and Philip Morris International (NYSE:PM) have officially ended their merger talks.
“While we believed the creation of a new merged company had the potential to create incremental revenue and cost synergies, we could not reach agreement,” says Altria CEO Howard Willard.
“We look forward to continuing our commercialization of IQOS in the U.S. under our existing arrangement,” he adds.
Separately, JUUL (JUUL) announces the exit of CEO Kevin Burns, and the appointment of Altria’s K.C. Crosthwaite to replace him.
MO +0.15% premarket to $40.80. PM +5.55% premarket to $75.50.
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