Altria to buy UST for about $10.3 bln - WSJ
Sept 7 (Reuters) - U.S. cigarette maker Altria Group Inc (MO.N: Quote, Profile, Research, Stock Buzz) has agreed to buy Skoal and Copenhagen smokeless tobacco maker UST Inc (UST.N: Quote, Profile, Research, Stock Buzz) for about $10.3 billion, the Wall Street Journal reported on Monday.
UST, which also owns the Ste. Michelle Wine Estates, has long been seen as a likely acquisition target for Altria as the cigarette maker looks to expand into other tobacco markets while the U.S. cigarette market continues to decline. (Reporting by Sweta Singh in Bangalore, Editing by Jacqueline Wong)
© Thomson Reuters 2008 All rights reserved
Bracing for a brutal year
The media industry, fresh off a bruising 2008, is preparing for an even more brutal 2009 as the slump in advertising, fall in consumer spending and financial crisis show no signs of easing. Full Coverage
Rockefeller Center Tree lighting
