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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altria Group Inc | NYSE:MO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.52 | -1.18% | 43.46 | 44.12 | 43.37 | 44.00 | 3,083,753 | 16:19:01 |
By Brent Kendall And Tripp Mickle
U.S. antitrust enforcers on Tuesday cleared Reynolds American Inc. to proceed with its $25 billion acquisition of Lorillard Inc., ending months of uncertainty about whether the government would allow the second- and third largest U.S. cigarette makers to combine.
Reynolds and Lorillard announced their planned marriage last July, part of a three-way deal in which the companies agreed to sell $7.1 billion in cigarette brands and other assets to UK-based Imperial Tobacco Group PLC. The move was designed to head off concerns that the merger would hurt competition and lead to higher prices.
The Federal Trade Commission, which spent nearly a year scrutinizing the deal, on Tuesday said it was satisfied the divestitures would restore market competition that would have been lost through the merger, with Imperial "positioned to be a sufficiently robust and aggressive competitor" to a combined Reynolds-Lorillard and industry leader Altria Group Inc.
The deal will reshape and further consolidate the tobacco industry, with two companies controlling more than 80% of the $100 billion U.S. market.
Altria, owner of top brand Marlboro, leads the pack with an estimated 47% share. Reynolds, which owns the Camel and Pall Mall brands, will boost its market share to an estimated 34% by acquiring Lorillard and its Newport brand, the top-selling menthol cigarette.
In January, shareholders at Reynolds, Lorillard and Imperial approved the deals.
The companies didn't immediately respond to requests for comment.
Reynolds expects to have more than $11 billion in revenue and about $5 billion in operating income after the acquisition.
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