NEW YORK (AP) – Philip Morris International is confirming that it is in merger talks with Altria more than a decade after the tobacco companies split.
Altria has focused on cigarette sales in the U.S. while Philip Morris has handled international sales.
Philip Morris said Tuesday that there is no guarantee of success in what would be an all-stock deal.
Sales of traditional cigarettes have been in decline for years and both companies are looking for an alternative.
Altria has a 35% stake in Juul and in April, regulators approved by a heat-not-burn cigarette alternative, iQOS, made by Philip Morris.