In 2008, Altria (MO) spun off Philip Morris International (PM) with hopes of unlocking value from its faster-growing international business, which was underappreciated by investors who worried about the decline in U.S. cigarette consumption and the threat from tobacco litigation. Now, more than a decade later, both companies announced on August 27 that they are exploring a possible reunion (see Altria's press release here and PM's statement here). Very few details are available about the proposed combination, and both companies have said there can be no assurance that any deal will result from these discussions. After all, any transaction would be subject to the approval of the two companies’ shareholders, and the market didn't like the news.

Home Depot (HD) began operating in 1978, 32 years after Lowe’s (LOW) was founded. Despite its later start date, Home Depot is now the world’s biggest home improvement retailer with over $100 billion in annual sales. The company has more than 2,200 retail stores and maintains the number one market share position in the U.S., Mexico, and Canada.Home Depot’s stores carry around 35,000 items covering a wide variety of building materials, lawn & garden products, and home improvement products. Its online catalog maintains over 1 million products. Online sales represent about 8% of Home Depot’s total revenue.

Founded in 1832, Bank of Nova Scotia (BNS) is one of Canada's largest and most diversified banks. The firm provides a broad range of products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.   The bank, commonly referred to as Scotiabank, generates about 56% of its revenue from net interest income (i.e. lending operations), with the remaining 44% from non-interest income sources including credit card fees, mutual funds, investment management, underwriting fees, trading revenues, and more. Scotiabank has three business units: 

Founded in 1911, Eaton (ETN) is an industrial conglomerate that provides a wide range of energy-efficient products and systems. The company's solutions help customers manage power across electrical, hydraulic, and mechanical applications. Eaton operates in five main business segments:  Electrical Products (33% of sales, 36% of profits): consists of electrical components, industrial components, residential products, single phase power quality, emergency lighting, fire detection, wiring devices, structural support systems, circuit protection, and lighting products. Electrical Systems & Services (28% of sales, 25% of profits): power distribution and assemblies, hazardous duty electrical equipment, explosion-proof instrumentation, utility power distribution, power reliability equipment. The markets for these segments are industrial, institutional, governmental, utility, commercial, residential and information technology.