(Under edit)
Phillip Morris International (PMI) is in a discussion with Altria Group, Inc. (Altria) about a potential all-stock, merger of equals. When the merger realized, the massive tobacco group, who has net revenue of around $50 billion (PMI $30 billion/ Altria $20 billion), and operating income of around 20 billion (PMI $11 billion/ Altria $9 billion), will come into the world.
Based on the revenue size, PMI is No1 tobacco maker, followed by British American Tobacco, Imperial Tobacco Group plc, Altria, and Japan Tobacco.
Source: Company's disclosure
※PMI's and Altria's net revenue exludes an excercise tax on products of $50 billion and $6 billion respectively.
※A merger of equals is when two firms of about the same size come together to form a single new company. In a merger of equals, shareholders from both firms surrender their shares and receive securities issued by the new company.