Why the Marlboro Men Want to Share Smokes Again

Heard on the Street: The remerger of Philip Morris International and Altria probably makes sense, but will still be hard for management to explain

Talks between Philip Morris International and Altria, which only split up 11 years ago, must involve a degree of humility not often associated with megamergers. Yet this could be a reassuring sign that the companies are thinking of getting back together for the right reasons.

PMI said Tuesday morning that it was in talks about a “potential all-stock merger of equals” with Altria. The two companies both make Marlboro and other cigarette brands and are the offspring of a 2008 spinoff. At the time, the logic was that PMI—the...

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