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STAMFORD, Conn. - UST Inc. said Thursday its shareholders approved the acquistion of the smokeless tobacco company by Altria Group Inc. for $10.4 billion.
UST Chairman and Chief Executive Murray S. Kessler said in a statement the transaction is expected to be completed in early January.
The deal will give UST shareholders $69.50 per share. The Stamford, Conn., company will become a subsidiary of Altria, owner of the No. 1 U.S. cigarette maker, Philip Morris USA, which sells the Marlboro brand in the U.S.
In October Altria Group CEO Michael Szymanczyk said the integration of UST, which makes the Copenhagen and Skoal brands, would position the company well as domestic cigarette demand falls.
Shares of UST added 27 cents to $68.94 in morning trading, while shares of Richmond, Va.-based Altria Group fell 15 cents to $15.35.
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