Altria seeks distance from Juul after US$4.1B writedown [Business News Network (BNN) Energy & Resources (Canada)]
Altria Group, Inc. (MO)
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Source: Business News Network
Altria seeks distance from Juul after US$4.1B writedown Altria Group Inc. made dramatic efforts to distance itself from the legal troubles of Juul, as it wrote down the value of its stake in the vaping company to about a third of what it initially paid. Altria also said in a statement it has changed the terms of its minority investment in the company, including an end to all services other than regulatory affairs and an option to be released from its non-compete obligation in some circumstances. Altria valued its Juul stake at US$4.2 billion at the end of 2019, after paying US$12.8 billion in Dec. 2018. Altria shares dipped slightly by 0.8 per cent to US$49.71 in early trading Thursday. The stock was so far flat for the year. For the tobacco company, it’s another blow as it attempts to broaden its portfolio beyond cigarettes. Atria’s 35 per cent stake in Juul has become a headache as the e-cigarette market grapples with slew of vaping-related lung illnesses and deaths. Altria has also
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