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☆ Elliott backs Philip Morris's $16 billion Swedish Match takeover -FT
  + stars: | 2022-11-06 | by ( Reuters Staff | ) www.reuters.com   time to read: +1 min
(Reuters) -Activist investor Elliott Management Corp has decided to back Marlboro-maker Philip Morris International’s (PMI) $16 billion offer for Swedish Match AB, the Financial Times reported on Sunday. FILE PHOTO: Moist powder tobacco "snus" cans are seen on shelves at a Swedish Match store in Stockholm, Sweden October 24, 2018. U.S. investor Elliott, PMI and Swedish Match declined to comment. Elliott has been building its stake in Swedish Match for months, reaching more than 10% in October. Swedish Match controls about half the world’s market for snus - a moist, smoke-free snuff - but one of its fastest-growing products is its tobacco-free “ZYN” nicotine pouches.
☆ Philip Morris sweetens buyout bid for Swedish Match
  + stars: | 2022-10-20 | by ( Akriti Sharma Marie Mannes | Akriti Sharma | Marie Mannes | ) www.reuters.com   time to read: +3 min
Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.
☆ Philip Morris’ Swedish bet may take multiple tokes
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 20 (Reuters Breakingviews) - Philip Morris International (PM.N) may need to show more flexibility. PMI Chief Executive Jacek Olczak has strengthened his hand by sealing a $2.7 billion deal with Altria to buy the rights to sell IQOS heated tobacco products in the United States, giving him an alternative way to grow in smokeless tobacco products. Still, it may be hard to get the Swedish Match deal over the line, given PMI’s ambitious 90% acceptance rate. That’s probably why the shares are currently trading close to the offer price at 112 crowns. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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