Philip Morris in talks to buy Swedish Match / Photo: MARIO TAMA - GETTY IMAGES NORTH AMERICA/AFP/File
-
$1.8 Billion Pledged for Biodiversity at COP17 as Monaco Reaffirms Commitment
-
Karen Wazen Launches First Standalone Boutiques in Cairo
-
Phoenix Symphony Resumes Performances Amid Financial Uncertainty
-
Municipal Elections: How Service Failure Becomes a Public Health Crisis in South Africa
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
Philip Morris in talks to buy Swedish Match
Tobacco giant Philip Morris International is in talks to acquire Swedish Match, the companies said Monday, in a deal that would boost its smokeless offerings.
While they confirmed the negotiations, first reported by The Wall Street Journal, both companies said there was no guarantee of a transaction. The Journal described the negotiations as "advanced talks" and said the deal could be valued at $15 billion or more.
Philip Morris, which sells cigarette brands such as Marlboro and Chesterfield in 180 markets outside the United States and has invested billions of dollars since 2008 in vapor products, oral nicotine and other "reduced-risk" products, said the talks were "in progress," according to a statement.
"It is uncertain whether an offer will be made," Philip Morris said. "PMI intends to make no further comment regarding the discussions unless and until it is appropriate to do so."
Stockholm-based Swedish Match derives more than 65 percent of its revenue from smoke-free products, including chewing tobacco and nicotine pouches.
The company's noted "recent speculation and confirms that discussions with Philip Morris International regarding a possible public takeover offer for Swedish Match are ongoing," the statement said
"There can be no certainty than an offer will be made, nor as to the terms of any such potential offer."
Shares of Swedish Match dipped 0.6 percent in Stockholm, while Philip Morris international gained 2.5 percent in afternoon trading.
Nogueira--PC
