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Altria Group Inc (NYSE:MO) investment in Juul is up in the air a year after the deal was made, as U.S. federal antitrust officials are probing the tobacco company's reach in the sector, The Wall Street Journal reported Friday, citing people familiar with the matter.
In December 2018, Altria paid $12.8 billion for a 35% stake in the e-cigarette company. Altria later announced a $4.5-billion impairment charge on the investment.
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The FTC is looking at Altria’s acquisition of additional retail shelf space in convenience stores and other outlets for its e-cigarette products, MarkTen, at the same time it was winding down that business and preparing to purchase a stake in Juul, the Journal reported.
Altria cannot convert its nonvoting shares, appoint representatives to Juul's board or count the e-cigarette manufacturer's earnings toward its own until the regulatory review is complete, the publication said.
Earlier this year, the U.S. Food and Drug Administration banned most fruit-flavored vaping cartridges.
The FDA said the ban covers fruit and mint flavors, which left manufacturers only able to produce tobacco or menthol-flavored vaping cartridges.
Altria shares were down 0.31% at $51.09 at the time of publication Friday. The stock has a 52-week high of $57.88 and a 52-week low of $39.30.
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Photo courtesy of Juul.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.