Underlining its determination to move into the smokeless-tobacco business, Philip Morris parent company Altria will acquire UST Inc., maker of leading smokeless-tobacco products like Skoal and Copenhagen.

Reuters reported Sept. 8 that Altria agreed to pay $10.4 billion to purchase UST, about a 29-percent premium over the current price of the company's stock. The buyout would help Altria create more synergies between its Marlboro brand and smokeless tobacco products and hedge against declining cigarette consumption.

Rival R.J. Reynolds already owns the Conwood line of smokeless-tobacco products, including the Grizzly and Kodiak brands. But UST controls about 58 percent of the U.S. smokeless-tobacco market.