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Philip Morris bets on cigarette alternatives with $16 billion bid for Swedish Match

By Anna Ringstrom STOCKHOLM (Reuters) -Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut...
Philip Morris bets on cigarette alternatives with $16 billion bid for Swedish Match © Reuters. Packs of Marlboro cigarettes are on display in a shop in Saint Petersburg, Russia April 10, 2022. REUTERS/REUTERS PHOTOGRAPHER

By Anna Ringstrom

STOCKHOLM (Reuters) -Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut the U.S. company's dependence on cigarettes.

In a bet on fast-growing markets for cigarette alternatives, PMI said on Wednesday it was making a cash offer for the Stockholm-based group at 106 crowns per share, valuing it at 161.2 billion crowns ($16 billion). Swedish Match's board has recommended the offer.

Swedish Match shares were up 9% to a record 103.30 crowns, having jumped already on Tuesday when PMI confirmed reports it was in talks to buy the firm.

The Swedish company makes most of its profit from Swedish-style moist snuff called "snus". Sales of its relatively new Zyn tobacco-free nicotine pouches - which are, like snus, put under the upper lip and sucked - are growing rapidly in Scandinavia and the United States as consumers become more health-conscious.

Swedish Match dropped cigarettes in 1999 and wants to spin off its cigar business, a move that would mean a full exit from combustible products. PMI aims for smoke-free products to account for more than half of sales by 2025.

PMI was spun off from U.S. peer Altria (NYSE:MO), a rival to Swedish Match, in 2008. Swedish Match would give PMI, which does not sell its products in the United States, access to a ready-made distribution network.

"This is not a cost synergy case," Swedish Match CEO Lars Dahlgren told Reuters. "This is rather a textbook example of perfect industrial logic - two companies that share the same vision and that also are very complementary in their commercial setups."

Analysts at Credit Suisse said they had a positive view on the bid value, which represents roughly a 40% premium to Swedish Match shares prior to the bid announcement.

Swedish Match has long been tipped a takeover candidate.

"PM is the natural buyer for Swedish Match both from a price/size capacity but also from a deliverability/anti-trust perspective," Alastair Mankin, vice president at brokerage Cowen, said in a note.

BofA Securities and Citigroup (NYSE:C) Global Markets Limited are acting as advisers to PMI on the deal. Goldman Sachs (NYSE:GS) is advising Swedish Match, which also commissioned an opinion from SEB Corporate Finance.

Swedish Match reported first-quarterly earnings on Wednesday that were slightly below expectations but sales and profits from Zyn grew significantly in the United States, with deliveries up 35%.

($1 = 10.0381 Swedish crowns)

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25-05-2022 04:37:19 (UTC+7)

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 EUR/USD1.0735↑ Buy
 GBP/USD1.2533↑ Sell
 USD/JPY126.85↑ Sell
 AUD/USD0.7109Neutral
 USD/CAD1.2821↑ Buy
 EUR/JPY136.18Sell
 EUR/CHF1.0313↑ Buy
 Gold1,865.50Buy
 Silver22.115Neutral
 Copper4.3133↑ Buy
 Crude Oil WTI110.26↑ Buy
 Brent Oil111.13↑ Buy
 Natural Gas8.875↑ Buy
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,900/ 6,990
(0/ 0) # 1,765
SJC HCM6,900/ 6,990
(0/ 0) # 1,764
SJC Hanoi6,900/ 6,992
(0/ 0) # 1,766
SJC Danang6,900/ 6,992
(0/ 0) # 1,766
SJC Nhatrang6,900/ 6,992
(0/ 0) # 1,766
SJC Cantho6,900/ 6,992
(0/ 0) # 1,766
Cập nhật 25-05-2022 04:37:22
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Ngoại tệMua vàoBán ra
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