Philip Morris International Inc and Altria Group Inc are discussing an all-stock...
) are discussing an all-stock merger, potentially reuniting two of the world’s largest tobacco companies in a bid to dominate the fast-growing electronic-cigarette market.
Analysts and investors have long speculated the companies would merge, given mounting pressure from declining cigarette sales and the need to invest in other sources of revenue. Philip Morris, which operates outside the United States, has developed a heated tobacco product called iQOS. Altria, which operates in the United States, owns a 35 percent stake in vaping company Juul Labs Inc.
“With disruption facing the world of tobacco, we can see some merit in a re-merger,” Bernstein analyst Callum Elliott said in a note. “The combined entity - Philip Morris 2.0 - could present a united front” on next-generation products such as iQOS, and “go about a coordinated global brand-building exercise the same way Philip Morris originally built Marlboro.”Unlike combustible cigarettes, iQOS devices heat tobacco-filled sticks wrapped in paper, generating an aerosol that contains nicotine.
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