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U.S. business regulators are suing to break up the multibillion-dollar deal between tobacco giant Altria and e-cigarette startup Juul Labs, saying their partnership amounted to an agreement not to compete in the U.S. vaping market.
A coalition of 39 states will look into the marketing and sales of vaping products by Juul Labs, including whether the company targeted youths and made misleading claims about nicotine content in its devices, officials announced Tuesday.
NEW YORK – The U.S. tobacco giants Philip Morris and Altria are calling off merger talks and Juul’s CEO is stepping down with safety concerns over e-cigarettes intensifying. The makers of Marlboro cigarettes said last month that they were in discussions to become a single company, more than a decade after splitting into two as lawsuits mounted.
Juul Labs Inc. will stop advertising its electronic cigarettes in the United States and replace its chief executive as mysterious breathing illnesses and an explosion in teen vaping have triggered efforts to crack down on the largely unregulated industry.
The Marlboro men are discussing a reunion as the number of smokers continues to decline worldwide.
Altria, one of the world’s biggest tobacco companies in the world, is spending nearly $13 billion to buy a huge stake in the vape company Juul as cigarette use continues to decline. The Marlboro maker said Thursday that it will take a 35 percent stake in Juul putting the value of the company at $38 billion, larger than Ford Motor Co., Delta Air Lines or the retail giant Target.
The maker of Marlboro cigarettes is joining some of the biggest names in beer in exploring the budding cannabis marketplace.
RICHMOND, Va. — Marlboro maker Altria Group Inc.’s incoming CEO Martin J. Barrington received a pay package valued at $10.3 million for fiscal 2012, according to an Associated Press analysis of a regulatory filing.