EU Approves Acquisition of Swedish Match by Philip Morris International -- Update
25 Oktober 2022 - 07:24PM
Dow Jones News
By Kyle Morris
The European Commission said Tuesday that it has approved the
proposed acquisition of Swedish Match by Philip Morris
International.
The approval is conditional on full compliance with commitments
offered by Philip Morris International, the EU said.
Philip Morris has offered to divest Swedish Match's logistics
arm SMD Logistics.
On Oct. 20, Philip Morris said it was increasing its offer to
116 Swedish kronor ($10.40) for each Swedish Match share, up from
the original offer in May of SEK106. The total value of the deal in
dollar terms is roughly unchanged from the original offer due to
the appreciation of the U.S. currency against the Swedish
krona.
The current bid values Stockholm-based Swedish Match at about
$15.7 billion. Philip Morris said inflation, volatility in equity
markets and changes in interest rates played a role in determining
the new offer price.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
October 25, 2022 13:09 ET (17:09 GMT)
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