August 28, 2019 / 12:37 AM / a month ago

PRESS DIGEST- Financial Times - Aug 28

Aug 28 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Philip Morris in talks with Altria to create $200 bln tobacco group on.ft.com/2ZrxI49

Purdue and Sacklers offer to settle opioid suits for up to $12 bln on.ft.com/2ZxEJjU

Peloton reveals widening losses in filing for IPO on.ft.com/2ZsbejG

BP to sell Alaska operations to Hilcorp for $5.6 bln on.ft.com/2ZpSWQ0

Overview

Philip Morris International Inc said on Tuesday it is in talks to merge with Altria Group Inc, 11 years after they were separated, in a deal that would create the world's largest tobacco company with a market value of nearly $200 billion.

OxyContin maker Purdue Pharma and members of the controlling Sackler family have offered to settle thousands of lawsuits against the company in connection with the opioid addiction crisis for $10 billion to $12 billion, according to people familiar with the matter.

Fitness startup Peloton Interactive Inc disclosed prospectus for its initial public offering on Tuesday and said its losses had climbed nearly fourfold to $196 million in the year to June 30.

BP Plc agreed to sell its Alaskan business to privately held Hilcorp Energy Co for $5.6 billion, ending its 60-year history in the U.S. state as the British oil major disposes of assets to strengthen its balance sheet. (Compiled by Bengaluru newsroom; Editing by Sandra MalerEditing by Sandra Maler)

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