Robert Besser
30 Jan 2023, 15:17 GMT+10
WASHINGTON D.C.: The Wall Street Journal has reported that e-cigarette maker Juul and three tobacco giants are negotiating potential sale, strategic investment, licensing or distribution deals.
The report said that Juul had separate discussions with Philip Morris International, Japan Tobacco Group and Altria Group.
An agreement, however, is not imminent and the discussions may not result in a sale or partnership, the Wall Street Journal added.
Juul, which reportedly filed for Chapter 11 bankruptcy and is partly owned by Marlboro maker Altria, has not responded to requests for comment.
Last autumn, Juul and Altria reached late-stage talks on a potential deal to sell Juul's international business or license its US intellectual property, but due to a potential bankruptcy filing the negotiations fell through in September.
Juul resumed discussions with Altria, which, after buying a 35 percent stake in the e-cigarette company in September, exercised the option to be released from its non-compete deal with Juul.
After claims that it deceptively marketed e-cigarettes and promoted tobacco use amongst youth, Juul is currently facing thousands of lawsuits filed around the US.
Juul secured preliminary court approval for a $255 million settlement of the claims by consumers in October. But in November, it secured an investment from early investors that allowed it to stay in business.
In June, the US Food and Drug Administration briefly banned Juul's e-cigarettes, but the order was put on hold after an appeal.
Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationNAYPYIDAW, Myanmar: Kyar Win, spokesperson for the Myanmar National Democratic Alliance Army, which launched a surprise offensive last month against ...
BEIJING, China: The country's commerce ministry said that during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho ...
Singapore, Zurich, and New York topped the Economist magazine's ranking this yearSingapore and Zurich are the world's most expensive cities ...
© Provided by Xinhua YINCHUAN, Dec. 2 (Xinhua) -- A blue-and-white porcelain bottle from Syria reminds the audience at a ...
© Provided by Xinhua BEIJING, Dec. 2 (Xinhua) -- As a central hub of China's futures market, the Shanghai Futures ...
China and other growing economies are catching up, Dmitry Peskov saysThe American-centric world is coming to an end, giving way ...
CHEYENNE, Wyoming: This week, the Biden administration raised US$3.4 million from a sale of oil and gas drilling rights in ...
NEW YORK, New York - U.S. stocks extended their rally on Friday despite remarks by Federal Reserve Chair Jerome Powell ...
MOSCOW, Russia: Russia's trade in oil with India, one of the most lucrative oil trade routes since the imposition of ...
LONDON - Health experts and tobacco campaigners have strongly criticized New Zealand's decision to repeal laws that aimed to ban ...
NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...
WASHINGTON D.C.: Despite the ongoing economic uncertainty, major discounts during the Thanksgiving weekend enticed U.S. shoppers, who spent some US$38 ...