The wedding between Philip Morris and Altria fades away, at least for now, the tobacco company that produces the famous Marlboros but above all has in its portfolio 35% of Juul, the company that until a few months ago was seen as the rising star in the e-cigarette sector and which is now under indictment for the vaping epidemic (lung inflammation) in the United States.
Marriage, whose value was estimated at $200 billion, was supposed to create the largest tobacco giant in the world and bring together the two companies born from the offshoot of Philip Morris USA and separated 10 years ago.
The negotiations had been going on for months, but in the last few weeks Philip Morris would have decided to take a step back following the squeeze by the American authorities on e-cigarettes. Better to wait and see what happens.
In recent days the federal prosecutor's office in San Francisco has opened a criminal investigation into Juul while among the very young the "vaping" epidemic continues to spread. Mysterious lung diseases among e-cigarette users have come to light in recent months, with 530 confirmed cases and eight deaths nationwide reported by the Federal Center for Disease Control and Prevention.
Yesterday the state of the Massachusetts has decided to ban for four months the sale of electronic cigarettes in the wake of what has already been done in New York State and Michigan.
Meanwhile, Juul CEO Kevin Burns has resigned and will be replaced by CK Crosthwaite.
