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Tobacco giants' $200bn tie-up fails to light up the markets

Aug 29, 2019 - The Daily Telegraph (London)
Mergers and Acquisitions

Falling income. Hankering after faded glory days. An effort to stay relevant amid changing trends. In the music industry, getting a band's original line-up back together is one of the oldest tricks in the book but often says more about the lack of fresh ideas than a promise of new success.

So it may prove for two of the big beasts of the near-$900bn (£735bn) cigarette industry, which this week revealed plans for an altogether different type of reunion. Philip Morris International (PMI) an...