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)

Copyright (c) 2022 Dow Jones & Company, Inc.
Philip Morris (NYSE:PM)
Historical Stock Chart
Von Feb 2024 bis Mär 2024 Click Here for more Philip Morris Charts.
Philip Morris (NYSE:PM)
Historical Stock Chart
Von Mär 2023 bis Mär 2024 Click Here for more Philip Morris Charts.