April 8, 2019 / 8:58 PM / 5 months ago

FTC asks Altria for more information on Juul investment

April 8 (Reuters) - Marlboro maker Altria Group said on Monday it has received a request for additional information on its investment in e-cigarette maker Juul Labs Inc from the U.S. Federal Trade Commission (FTC).

Altria, which bought a 35 percent stake in Juul for $12.8 billion in December, is now looking to convert its non-voting stake in the company to voting shares as per the terms of the investment agreement.

The company said the waiting period for the deal has been extended until 30 days after the parties have complied with the FTC.

Altria said once the stake is converted, the company will have the right to designate one-third of the members of Juul’s board, while the company will remain fully independent. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by James Emmanuel)

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