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Altria & Juul Split, Leaving Questions About Marketing Future

A move by Altria Group Inc. freed both companies from a non-compete arrangement with Juul Labs Inc.

Tobacco giant MO, -1.87% said it had exercised a noncompetition option with Juul. 

The option would be terminated if the investment value dropped below 10% of its original carrying value of $12.8 billion. 

As of June 30, the stake was worth just $450 million.

Here is what the article states –

“Altria is losing board-designation rights, among other changes, the company said. It can now only appoint one independent director, and to do that it must retain at least 10% ownership in Juul.

The company’s Juul shares have converted to single-vote common stock, “significantly reducing our voting power,” according to the filing. Juul is now free to sell itself to another tobacco company or go it alone, while Altria can invest in another vaping company or develop its own products.”

Read the full story here

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