A woman smokes a Juul e-cigarette in New York, U.S., September 27, 2018. REUTERS/Brendan McDermid
(Reuters) – Marlboro maker Altria Group said on Monday it had received a request for additional information on its investment in e-cigarette market leader Juul Labs Inc from the U.S. Federal Trade Commission (FTC).
Altria, which bought a 35 percent stake in Juul for $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 said 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