Camel cigarettes maker Reynolds American Inc's shareholders approved its $25 billion acquisition of Newport menthol cigarette maker Lorillard Inc, a deal that would combine the No.2 and No.3 U.S. cigarette companies.The proposed deal, announced last July, has attracted intense antitrust scrutiny as a successful merger would result in a market which is 90 percent dominated by just two companies.A combination of Reynolds and Lorillard would create an entity that would control about 40 percent of the U.S. cigarettes market. Marlboro maker Altria Group Inc leads the market with a 49 percent share.Lorillard's shareholders also approved the deal, with about 80 percent of outstanding shares voted in favor.
Lorillard, Inc. (Lorillard), through its subsidiaries, is engaged in the manufacture and sale of cigarettes and electronic cigarettes. Shares of LO traded higher by 0.26% or $0.17/share to $66.08. In the past year, the shares have traded as low as $46.48 and as high as $67.46. On average, 1842260 shares of LO exchange hands on a given day and today's volume is recorded at 795942.
Altria Group, Inc. is a holding company. The Company?s segments include smokeable products, smokeless products and wine. Shares of MO traded higher by 0.35% or $0.191/share to $54.75. In the past year, the shares have traded as low as $33.80 and as high as $54.77. On average, 6561580 shares of MO exchange hands on a given day and today's volume is recorded at 1498139.
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