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Other way around. BT bought a working control interest in JUUL. 35%. Some would argue that that’s not controlling because it’s less than 51%. They’re wrong. They don’t understand US corporate structure and how it works. The legal minimum for a working control interest is 20%. That’s why they had to legally announce it.
Altria bought 35% of Juul late last year:
Altria purchases 35% stake in Juul in deal worth $12.8 billion
The question of "control" is who owns the voting shares; they're the ones who in the end hire (or fire) top management and thus decide how the company is run. Yes, a 20% or greater ownership stake must be disclosed/announced, but that doesn't mean it's sufficient to exercise "control".
I wonder if some of those people, who Don't Understand US Corporate Structure, are confused because they Don't Understand the Difference between a Privately Held Company and a Publicly Held Company?
That’s a different level as well, but it is also one. I don’t know why 20% was the break point chosen for when a company can be functionally controlled by a single interest. It was chosen though. The actual level of control BT has over JUUL is known only by the board AFAIK. It was enough to make the head of the FDA resign in anger. All we have is clues. The coupon thing is an indicator though that it is greater rather then lessor.
NOTE: people have pointed out that the reasoning for Gottleib leaving is conjectural and they’re right. I don’t know why Gottleib left.
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Wait, you're saying Gottlieb quit at the FDA because Altria tool a stake in Juul?
Do you have some links or something to back this up?
From him reports on this site of him becoming very angry when he heard of it then resigning. Do you need references?
In other words, this is another supposition of yours, not much different than the "protonated nic the work of the devil" one that you make.
I Don't think Anyone is going to say that Scott was Overjoyed when the News hit that Atria had bought a Non-Controlling Interest in JUUL. Although it Wasn't exactly a huge surprise. Because the Deal had been in the works for over a Year.
But say'n that Gottlieb Quit as FDA Commissionaire over it? That Seems like a Ginormous Leap even for Op-Ed.
This may be true. It came out more sure footed than I meant it. The why hasn’t been announced. We still don’t know and it’s only one possible theory. There are several, cancer iirc being one of them. It was merely the one settled in my head when I said it.
I think that Big Dump Truck full of Federal Reserve Notes that the Fine Folks at Pfizer backed up to Scott's house might have had something to do with Gottlieb leaving "Public Service".
But that's just a Ocham's razor.
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