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Activist Investor Elliott Builds Stake in Swedish Match

  • Activist investor plans to oppose sale to Philip Morris
  • Philip Morris agreed in May to pay $16 billion for company
The Swedish Match Silkeborg Factory near Silkeborg, Denmark.
The Swedish Match Silkeborg Factory near Silkeborg, Denmark.Source: Swedish Match
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Elliott Investment Management is building a stake in Swedish Match AB, the smokeless tobacco company that’s agreed to be taken over in a $16 billion deal, people familiar with the matter said. 

The US activist investor plans to oppose the transaction under its current terms, the people said, asking not to be identified discussing confidential information. Swedish Match agreed in May to be taken over by Philip Morris International Inc.