Deals
Philip Morris in Talks to Reunite With Altria in All-Stock Deal
- Altria shares drop after earlier jumping on news of talks
- The companies split their operations more than 10 years ago
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Philip Morris International Inc., the maker of Marlboro cigarettes in overseas markets, is in talks to reunite with Altria Group Inc. more than 10 years after the tobacco giants split their operations.
Altria shares reversed earlier gains to fall as much as 3.3% on Tuesday. Philip Morris declined as much as 11%. The deal would be the biggest since AT&T Inc. bid for Time Warner in 2016. Philip Morris had a market value of nearly $126.4 billion at the close of trading on Aug. 23, before speculation of a possible deal gained traction, while Altria was worth about $86.7 billion.