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.
PMI launched its bid for the maker of tobacco and oral nicotine products in May before raising the offer to 116 crowns last month after Swedish Match shares consistently traded above the original bid price.
United States-based PMI does not currently trade in its home market, but Swedish Match has been expanding fast in America. 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.Our Standards:
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