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EU regulators to decide on Philip Morris, Swedish Match deal by Oct. 11

EU regulators to decide on Philip Morris, Swedish Match deal by Oct. 11
Kiran Paul
By Kiran PaulSep 06, 2022
Kiran Paul
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European Union antitrust regulators have set Oct. 11 as a deadline for their preliminary review of Philip Morris International's $16 billion (£14bn) bid for tobacco and nicotine products maker Swedish Match, a European Commission filing showed on Tuesday.

Philip Morris announced the proposed takeover in May that would cut its dependence on cigarettes and boost its presence in the fast-growing market for cigarette alternatives.

The EU competition enforcer can clear the deal with or without remedies at the end of its scrutiny or it can open a four-month-long investigation if it has serious concerns.

Stockholm-based Swedish Match derives more than 65 percent of its revenue from smoke-free products, including chewing tobacco and the Zyn brand of nicotine pouches. The company is also known for making cigars and “snus”, a form of snuff particular to Nordic countries.

Philip Morris announced in 2016 a long-term goal to stop selling cigarettes and replace them with alternatives that it says are less harmful.

philip morrisswedish matchzyn

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