Altria Group gets a request for additional information from the US Federal Trade Commission (FTC) regarding its investment in JUUL Labs that closed in December 2018, reported Reuters.
Altria, which bought a 35% stake in Juul for US$12.8 billion in December, is now looking to convert its non-voting stake in the company to voting shares as per the terms of the investment agreement.
The company stated the waiting period for the conversion deal had been extended until 30 days after the parties had complied with the FTC’s request for documents. The agency is investigating the proposed conversion deal to ensure that it does not violate antitrust law.
The proposal would give Altria the right to nominate directors representing a third of JUUL’s board. The company will otherwise remain independent.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google Knew Publishers Would Resist Ad Sales Changes, According to Internal Documents in Antitrust Trial
Sep 13, 2024 by
CPI
Federal Antitrust Trial Explores Potential Impact of Tapestry-Capri Merger
Sep 12, 2024 by
CPI
Australia Targets Big Tech with New Fines for Misinformation
Sep 12, 2024 by
CPI
Mastercard to Acquire Cybersecurity Firm Recorded Future for $2.65 Billion
Sep 12, 2024 by
CPI
Ireland Prime Minister: Apple’s €13 Billion Payment Could Fund Housing and Capital Projects
Sep 12, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández