Deals
Philip Morris-Altria Reunion Divides a Worried Wall Street
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Philip Morris International Inc. shares sank as much as 11% on Tuesday to their lowest since January, a sign that investors are concerned about talks to reunite with Altria Group Inc. more than a decade after their 2008 split.
Some on Wall Street see the deal as better for Altria shareholders than for Philip Morris holders due to regulatory uncertainty in the U.S. Altria gets all of its revenue from the U.S., while Philip Morris gets none.