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Fly News Breaks for September 18, 2019
MO, PM
Sep 18, 2019 | 07:08 EDT
Citi analyst Adam Spielman believes a merger between Philip Morris (PM) and Altria Group (MO) is getting more probable. If shareholder pressure was going to cause the managements to cancel the deal talks, we probably would have heard by now, Spielman tells investors in a research note. Juul is unlikely to be a big part of the merger, so the crackdown on e-vapor flavors will not make much of a difference to the merger, adds the analyst. He believes that if there's a "plain vanilla merger," the emphasis will be on the potential profit from new products in the U.S. However, there are "significant weaknesses to this argument," says Spielman.
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