Philip Morris International and Altria are in talks for an all-stock merger, the former confirmed on Tuesday morning. The companies cautioned that there's no guarantee a deal would be struck.
Why it matters: This would result in a mega-tobacco company, reuniting PMI and Altria more than a decade after they split. While Altria has focused on the U.S. market, PMI has been mostly selling overseas. Both have made moves into e-cigarettes.