Hedge Funds Swoop on Swedish Match, Piling Pressure on PMI
- Davidson Kempner, HBK are among company’s biggest investors
- Hedge funds collectively own at least 25% of Swedish Match
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Some of the world’s largest hedge funds have built stakes in Swedish Match AB, people familiar with the matter said, piling pressure on Philip Morris International Inc. to increase its $16 billion offer for the smokeless tobacco company.
Davidson Kempner Capital Management and HBK Capital Management have amassed some of the biggest stakes in Swedish Match, the people said, asking not to be identified because the information is private. They are both approaching the 5% level, equivalent to nearly $800 million of stock, that would require disclosure, the people said.