Philip Morris Increases Bid For Swedish Match to $15.7 Billion
20 Oktober 2022 - 9:29AM
Dow Jones News
By Dominic Chopping
Philip Morris International Inc. on Thursday raised its takeover
offer for Swedish Match AB in a deal that values the Swedish
tobacco company at 176.4 billion Swedish kronor ($15.72
billion).
The U.S. maker of Marlboro cigarettes offered SEK106 a share in
May, though it has come back with an improved bid of SEK116, adding
that it won't be increased further.
The Wall Street Journal on Wednesday reported that Philip Morris
was planning to raise its offer for Swedish Match.
"The price in the revised offer primarily reflects the higher
net value to Philip Morris International related to the portion of
Swedish Match's cash flows that are generated in U.S. dollars,
given currency movements since the initial offer was announced in
May," Philip Morris Chief Executive Jacek Olczak said Thursday.
"Moreover, we believe that the deterioration in the global
economic outlook, equity markets and the interest rate environment
since the time of the initial offer strengthens yet further the
attractiveness of the revised offer to Swedish Match's
shareholders."
The acceptance period for the offer expires on Nov. 4, the
company said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 20, 2022 03:14 ET (07:14 GMT)
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