Philip Morris (NYSE:PM) and Altria (NYSE:MO) have ended merger talks, according to statements on their respective websites.
• The two cigarette companies were in discussion over a possible merger.
• Philip Morris (NYSE:PM) spun off from Altria (NYSE:MO) in 2008.
• Meanwhile, Juul CEO Kevin Burns is stepping down and being replaced by former Altria (NYSE:MO) executive KC Crosthwaite.
• Altria (NYSE:MO) has a 35% stake in e-cigarette company Juul.
• E-cigarettes have been under pressure recently after the FDA opened up a criminal investigation into vape-related deaths and illnesses across the U.S.
• Philip Morris (NYSE:PM) stock jumped 5.3% in premarket trade, while Altria (NYSE:MO) inched up 0.3%.
