Deals
Swedish Match Soars as Philip Morris Weighs $16 Billion Deal
- Deal would expand Philip Morris’s smokeless tobacco presence
- Swedish Match has suspended a listing of its U.S. cigar unit
Tins of Swedish Match AB General snus smokeless tobacco.
Photographer: Ramin Talaie/Bloomberg
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Swedish Match AB shares soared after Philip Morris International Inc. said it’s in talks to buy the maker of smokeless tobacco products in a deal that would accelerate the Marlboro producer’s push beyond cigarettes.
Swedish Match surged as much as 28% in early trading in London Tuesday, giving the company a market capitalization of more than $14 billion. Both companies confirmed the discussions in statements, saying talks are ongoing and there’s no certainty that an offer will be made.