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Smoke, but no fire

25 September 2019 By Robert Cyran, Amanda Gomez

A $187 bln merger between the cigarette companies was stubbed out by turmoil at Juul, in which Altria owns 35%. The market already suggests the vaping upstart is worth less than Altria paid. If it falls more, the logic of a combination could bring PMI back for another pull.

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