By Denny Jacob

Philip Morris International Inc. on Monday confirmed discussions with Swedish Match AB regarding a potential offer.

The tobacco giant said discussions are in progress and it is uncertain whether an offer will be made. It added that it doesn't intend to comment further on discussions unless and until it is appropriate to do so.

The Wall Street Journal reported that Philip Morris International is in advanced talks to acquire the Stockholm-based company in a deal that could be valued at $15 billion or more as it looks to bolster its exposure to the growing market for smoke-free brands. It also reported that talks could yield a deal as soon as this week, though they could still fall apart.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 09, 2022 12:57 ET (16:57 GMT)

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