CNBC: Philip Morris International CEO Jacek Olczak defended the tobacco company’s intentions to buy British pharmaceutical company Vectura Group, telling CNBC it is steadfastly committed to erasing cigarette use.
“We can stand still and continue selling cigarettes or we can do something with the science and the technology at least to significantly reduce the harm created by smoking,” Olczak said on “Closing Bell.” “I believe what we’re doing is absolutely right. … Nothing and nobody will stop us in our transformations to leave smoking behind.”
Earlier this month, Philip Morris announced a deal to buy Vectura at an enterprise value of $1.2 billion. However, the planned acquisition was met with hesitancy and criticism from anti-smoking groups and the U.K. government, which deem a tie-up between a tobacco company and a company specializing in inhaled medicines for conditions such as asthma to be unfit. Tobacco smoke is a “powerful asthma trigger,” according to the Cleveland Clinic. more
I am a capitalist. I do not have a problem with a company buying another company. Having said that, this statement is obviously BS (IMO). But, if you can get away with something legally, go for it. Even if I don’t approve
I guess free enterprise isn’t free anymore.
…so maybe Smirnoff can buy into a medical practice that specializes in liver transplants next…
https://youtu.be/Sp-pU8TFsg0
I guess free enterprise isn’t free anymore.
Not when yer a government cash cow!
It’s kind of like the makers of the coronavirus buying the vaccine companies.
“Tobacco smoke is a “powerful asthma trigger,” according to the Cleveland Clinic.”
Except Vapes don’t use smoke.