Citi gloomy on Altria-Philip Morris combination

|About: Altria Group, Inc. (MO)|By:, SA News Editor

Citi says the current arguments from Altria (NYSE:MO) and Philip Morris International (NYSE:PM) on a merger may not be strong enough to convince shareholders to approval a deal.

Analyst Adam Spielman doesn't see the upside for Altria's iQOS business from a combination of the two tobacco powerhouses and notes a merger adds U.S. cigarette risk for Philip Morris investors.

Shares of Philip Morris are down 2.22% over the last week, while Altria is off 3.95%.

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