Shares of Cronos Group were soaring on Monday as Wall Street learned that Marlboro cigarette maker Altria is in talks to acquire the company.
CNBC reported the news citing a source familiar with the situation. The source did add that Cronos has not agreed to any deal yet and there is no certainty that it will.
Sources told CNBC that Altria is in early stage discussions and the acquisition would help it diversify its business beyond traditional smokers.
Cronos Group said in a statement to MarketWatch, “We do not comment on market rumors.”
Reuters was the first to break the story.
It was last week that The Wall Street Journal reported that Altria was in talks to take a significant minority stake in e-cigarette company Juul Labs Inc.
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