Deals
Philip Morris Wins $16 Billion Battle for Swedish Match
- Maker of Marlboros to move ahead after getting 83% support
- Decision to proceed comes after news Elliott backs deal
XR smokeless nicotine pouches at the Swedish Match AB concept store in central Stockholm, Sweden.
Photographer: Jonas Ekblom/BloombergThis article is for subscribers only.
Philip Morris International Inc. is proceeding with the $16 billion takeover of nicotine pouch maker Swedish Match AB after securing support from enough shareholders, including Elliott Investment Management LP.
The transaction had been in doubt as it was unclear if Elliott, the largest shareholder, would back the deal, which was contingent on getting 90% support.