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April 1, 2020, 8:31 p.m. EDT

FTC sues to unwind Altria's $12.8 billion stake in Juul

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By Mike Murphy

MO

The Federal Trade Commission on Wednesday sued to unwind Altria Group Inc.'s /zigman2/quotes/208895754/composite MO +0.51% $12.8 billion investment in Juul Labs Inc., claiming it violated antitrust laws. That 2018 deal gave cigarette-maker Altria -- which counts Marlboro and Skoal among its tobacco brands -- a roughly 35% stake in vaping company Juul. The FTC alleges that Altria, seeing Juul as a significant competitor, agreed to wind down its e-cigarette business in exchange for a stake in Juul, and agreed to leverage its position as one of the largest tobacco companies to get Juul favorable shelf space at retailers across the U.S. "Altria and Juul turned from competitors to collaborators by eliminating competition and sharing in Juul's profits," the FTC said in a statement.

/zigman2/quotes/208895754/composite
US : U.S.: NYSE
$ 37.73
+0.19 +0.51%
Volume: 6.94M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
8.91%
Market Cap
$70.12 billion
Rev. per Employee
$2.36M
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