Image by Roland Mey from Pixabay
Altria Group Inc. announced on Monday it was seeking to convert its JUUL Labs Inc. interest into voting securities and have the right to designate one-third of JUUL’s board.
In December, the Henrico County-based tobacco giant made a $12.8 billion investment to take a 35% stake in JUUL, a fast-growing e-cigarette company.
Altria and JUUL have filed notification of the proposed conversion with federal antitrust authorities and are required to observe a waiting period before completing the conversion, according to Monday’s announcement.
