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Topic: Exclusive-Philip Morris set for EU nod on Swedish Match deal, sources say (Read 32 times) previous topic - next topic

Exclusive-Philip Morris set for EU nod on Swedish Match deal, sources say

Exclusive-Philip Morris set for EU nod on Swedish Match deal, sources say

[html]By Foo Yun Chee BRUSSELS (Reuters) -Philip Morris (PMI) is set to win unconditional EU antitrust approval for its $16 billion bid…
                              

By Foo Yun Chee


BRUSSELS (Reuters) -Philip Morris (PMI) is set to win unconditional EU antitrust approval for its $16 billion bid for tobacco and nicotine products maker Swedish Match, people close to the matter said on Tuesday.


Marlboro-maker Philip Morris announced its cash offer for the Stockholm-based group at 106 crowns per share in May, seeking to expand in the fast-growing market for cigarette alternatives.


Philip Morris, which was spun off from Swedish Match rival Altria in 2008, wants smoke-free products to account for more than half of sales by 2025.


The European co*mission, which is scheduled to finish its preliminary review of the deal by Oct. 11, declined to co*ment.


The sources said that the EU co*petition enforcer does not see any co*petition issues arising from the deal.


Philip Morris did not respond immediately to a request for co*ment.


(Reporting by Foo Yun CheeEditing by David Goodman)


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