Philip Morris gains conditional EU okay for Swedish Match deal
Reuters
Published Oct 25, 2022 12:02PM ET
Updated Oct 25, 2022 02:08PM ET
BRUSSELS (Reuters) - Marlboro maker Philip Morris secured EU antitrust approval for its $16 billion bid for Swedish Match after pledging to sell the target's logistics business, the European Commission said on Tuesday.
"To address the Commission's preliminary competition concerns, Philip Morris International (NYSE:PM) offered to divest Swedish Match's logistics arm, SMD Logistics," the EU competition enforcer said in a statement, confirming a Reuters story on Monday.
Philip Morris is seeking to expand its presence in the fast-growing market for cigarette alternatives, with sales from smoke-free products expected to make up more than its revenue by 2025.
Swedish Match makes snus, a Scandinavian moist oral tobacco product which users place behind their upper lip, where it has half of the global market.
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Written By: Reuters
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