Cigarette makers Philip Morris (NYSE: PM) and Altria (NYSE: MO) called off merger talks in late September. The merger made a lot of sense, but the timing was less than ideal.
For now, Philip Morris will move ahead on its own through the ever turbulent tobacco industry environment.
Philip Morris’ strategy, even without Altria, appears to have a strong tailwind. Altria controls the U.S. market, and Philip Morris controls everything outside the U.S.
Philip Morris was a spin-off from Altria in 2008. The split was originally done for litigation reasons, which have since died down.