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The chances have increased that Henrico County-based Altria Group Inc. will be acquired by its former subsidiary, Philip Morris International, an industry analyst said this week.

Wells Fargo Securities LLC Analyst Bonnie Herzog, who covers the tobacco industry, said in a note to investors that the probability of a merger between the two tobacco giants has increased because the U.S. market is now more attractive for such a deal, “given the potential for corporate tax reform, the Republican sweep and diversification benefits of U.S. exposure as the U.S. dollar strengthens.”

Herzog pegged the likelihood of a deal at 70 percent in the next six to 12 months.

A spokesman for Altria Group Inc. said Tuesday the company does not comment on speculation. Altria, the parent company of top U.S. cigarette maker Philip Morris USA, employs about 3,800 people in the Richmond region.

If a merger happens, it is unclear how Altria’s operations would be affected, if at all.

Philip Morris International, which sells Marlboro and other cigarette brands outside the U.S., was spun off from Altria as a separate public company in 2008. With its operational headquarters in Lausanne, Switzerland, Philip Morris International generated revenue of about $74 billion last year.