PMI Doubles Down on US Plans With Swedish Match, IQOS Moves
- Company raises offer for Swedish Match in bid to placate funds
- Marlboro maker now says its offer for Swedish target is final
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Philip Morris International Inc. doubled down on plans to enter the US, sweetening its offer for Swedish Match AB while also buying rights to sell IQOS heated tobacco products in the world’s biggest market for smoking alternatives.
The Swiss-based tobacco company raised its offer for the Swedish nicotine pouch maker to 116 kronor ($10.34) per share from 106 kronor in a move it hopes will finalize a takeover that’s been opposed by hedge funds who want a higher bid.