Philip Morris International Inc. PM, -5.93% said Tuesday it is in talks with Altria Group Inc. MO, +8.41% on a potential all-stock merger of equals. The news sent Altria's stock up 9.3% in premarket trade, while Philip Morris stock fell about 3%. "There can be no assurance that any agreement or transaction will result from these discussions," Philip Morris cautioned in a statement. The company said it will not make any further comment regarding the negotiations until it is appropriate to do so. Altria shares have fallen 4.6% in 2019 through Monday, while the Dow Jones Industrial Average DJIA, +0.41%, which counts it as a member, has gained 11% and the S&P 500 SPX, +0.49% has gained 15%.
https://www.marketwatch.com/story/philip-morris-confirms-talks-with-altria-on-a-potential-merger-of-equals-2019-08-27
2019-08-27 13:29:00Z
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