Philip Morris International (PM) is mulling the sale of its cigar business in the US as part of a shift towards smoke-free products, Bloomberg News reported Monday, citing sources familiar with the matter.
The company is looking to fetch over $1 billion for the business and is working with advisers to assess buyer interest, sources told Bloomberg. Sources also said deliberations are still ongoing and there is no guarantee that a sale will push through.
Philip Morris International did not immediately respond to MT Newswires' request for comment.
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