December 7, 2018 / 4:48 PM / a year ago

BUZZ-Cronos: Blazes higher after Altria takes $1.8 bln stake

(Updates)

** Cronos Group’s U.S.-listed shares surge ~21 pct to $12.63 in morning trade after Altria takes a 45 pct stake in the Canadian cannabis producer for $1.8 bln

** CRON was earlier down 2.7 pct premarket before trading was halted pending news

** Altria up 2.3 pct after the Marlboro cigarette maker says it will buy 146.2 mln new Cronos shares at C$16.25 each

** Toronto-listed shares up 20 pct at C$16.80

** Deal includes a warrant for Altria to buy shares in Cronos at C$19/shr, exercisable over four years, which if fully exercised, would boost its stake to 55 pct

** CRON has risen ~24 pct since Monday, when Reuters first reported of a possible deal, while MO is marginally down (Reporting by Savio D’Souza and John Benny)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below