Exclusive-Philip Morris set for EU nod on Swedish Match deal, sources say
By Foo Yun Chee
BRUSSELS (Reuters) -Philip Morris (PMI) is set to win unconditional EU antitrust approval for its $16 billion bid for tobacco and nicotine products maker Swedish Match, people close to the matter said on Tuesday.
Marlboro-maker Philip Morris announced its cash offer for the Stockholm-based group at 106 crowns per share in May, seeking to expand in the fast-growing market for cigarette alternatives.
Philip Morris, which was spun off from Swedish Match rival Altria in 2008, wants smoke-free products to account for more than half of sales by 2025.
The European Commission, which is scheduled to finish its preliminary review of the deal by Oct. 11, declined to comment.
The sources said that the EU competition enforcer does not see any competition issues arising from the deal.
Philip Morris did not respond immediately to a request for comment.
(Reporting by Foo Yun CheeEditing by David Goodman)
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