Big Law
Marlboro Manufacturer Philip Morris International Offers $16 Billion to Buy Swedish Match
Marlboro-maker Philip Morris International confirmed Wednesday a $16 billion bid to buy rival Swedish Match as part of its accelerated push into smoke-free tobacco alternatives.
Shares of Stockholm-based manufacturer hit a record high in early trade after its board agreed to the 161.2 billion krona cash offer from the U.S.-Swiss tobacco giant.
Swedish Match is now trading at a 32% premium since talks between the two companies were first announced Friday. Following a bumpy ride since Friday, Philip Morris International stock is trading marginally higher.
