NEW YORK (Dec 7): Altria Group Inc, the maker of Marlboro cigarettes for the U.S. market, is pushing into the Canadian cannabis industry, marking the major tobacco company’s first foray into the nascent sector. Shares of cannabis peers gained on the news.
Altria agreed to acquire 146.2 million newly issued shares for C$16.25 each — a 16% premium from yesterday’s close. That would give Altria a 45% stake in the Canadian cannabis producer. Altria will also get warrants that will give the option to increase its stake to 55%.
LONDON/CAIRO (Dec 7): OPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.
After two days of talks in Vienna, Saudi Energy Minister Khalid Al-Falih said he isn’t confident of an agreement when the Organization of Petroleum Exporting Countries meets again with its allies on Friday. A proposal for a combined OPEC and non-OPEC cut of 1 million barrels a day was left dangling in uncertainty.