Exclusive-Philip Morris set for EU nod on Swedish Match deal, sources say
2022.10.04 13:19
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© Reuters. FILE PHOTO: Moist powder tobacco “snus” cans are seen on shelves at a Swedish Match store in Stockholm, Sweden October 24, 2018. Picture taken October 24, 2018. REUTERS/Anna Ringstrom/File Photo
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By Foo Yun Chee
BRUSSELS (Reuters) -Philip Morris (PMI) is set to win unconditional EU antitrust approval for its $16 billion bid for tobacco and nicotine products maker Swedish Match, people close to the matter said on Tuesday.
Marlboro-maker Philip Morris (NYSE:) announced its cash offer for the Stockholm-based group at 106 crowns per share in May, seeking to expand in the fast-growing market for cigarette alternatives.
Philip Morris, which was spun off from Swedish Match rival Altria (NYSE:) in 2008, wants smoke-free products to account for more than half of sales by 2025.
The European Commission, which is scheduled to finish its preliminary review of the deal by Oct. 11, declined to comment.
The sources said that the EU competition enforcer does not see any competition issues arising from the deal.
Philip Morris did not respond immediately to a request for comment.
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