Altria Group Inc.’s planned $10.3 billion acquisition of smokeless tobacco products maker UST Inc. may be delayed until next year on the advice of lenders, the Wall Street Journal reported today.

The deal was one of the largest recently for the parent firm of Philip Morris USA which has a large cigarette plant and is headquartered in Richmond.

No reasons for the delay were available but it appears that the current credit crisis has made immediate financial terms unfavorable.

UST, based in Stamford, Ct., is the largest manufacturer of moist, smokeless tobacco. It has production facilities in Nashville Tenn., Franklin Park, Ill. and Hopkinsville, Ky. Its brands include Skoal and Copenhagen.

Moving into smokeless tobacco has been a long-term strategy for Philip Morris and Altria due to the health controversies over its cigarette products.