{"id":1662702,"date":"2022-09-28T14:54:21","date_gmt":"2022-09-28T18:54:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1662702"},"modified":"2022-09-28T14:54:31","modified_gmt":"2022-09-28T18:54:31","slug":"philip-morris-not-planning-to-drop-16-billion-swedish-match-bid-ceo","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/philip-morris-not-planning-to-drop-16-billion-swedish-match-bid-ceo\/","title":{"rendered":"Philip Morris not planning to drop $16 billion Swedish Match bid \u2013 CEO"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fphilip-morris-not-planning-to-drop-16-billion-swedish-match-bid-ceo%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1662702&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Marie Mannes and Richa Naidu<\/p>\n<p>GDANSK\/LONDON (Reuters) -Philip Morris International is not considering withdrawing its offer for Swedish Match despite deteriorating global economic conditions and has \u201coptions on the table\u201d including holding a majority stake, its CEO told Reuters.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Marlboro-maker Philip Morris in May offered to buy the Stockholm-based company in a bet on the fast-growing market for cigarette alternatives.<\/p>\n<p>By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Oct. 21, but some have come out against the $16 billion \u2014 or 106 SEK per share \u2014 bid for one of the world\u2019s biggest makers of oral nicotine products.<\/p>\n<p>Philip Morris CEO Jacek Olczak told Reuters he believes the offer is \u201ceven more attractive\u201d now given the global macro-economic environment has changed since the original bid. <\/p>\n<p>Asked if he has considered withdrawing Philip Morris\u2019 offer, Olczak said: \u201cNo \u2013 what I\u2019m saying is that the offer which is out there \u2014 the 106 SEK (per share) with 90% acceptance etc \u2013 is a good offer.\u201d<\/p>\n<p>Swedish Match has been trading above the SEK 106 offer price since late July, suggesting investors anticipate PMI will need to make a higher offer.<\/p>\n<p>He said becoming a majority shareholder in Swedish Match was one of many options if it doesn\u2019t cross the 90% threshold.<\/p>\n<p>Swedish Match controls about half the world\u2019s market for snus \u2013 a Swedish-style snuff that is moist and smoke-free, according to Euromonitor International. The company is also the global industry leader for nicotine pouches.<\/p>\n<p>Earlier this month, Elliott Investment Management said that the stake it had been building in Swedish Match since PMI\u2019s offer had reached 5.25%, making it one of its largest shareholders.<\/p>\n<p>The activist investor was planning on opposing the bid under its current terms, Bloomberg reported in July.<\/p>\n<p>Olczak said he regularly met with investors of both companies, but declined to identify them.<\/p>\n<p>\u201cI\u2019m just saying on a regular basis, we\u2019re talking with investors,\u201d he said. <\/p>\n<p>He declined to comment on whether Philip Morris would increase its offer.<\/p>\n<p> (Reporting by Marie Mannes and Richa Naidu; Editing by Matt Scuffham and Josephine Mason)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/philip-morris-isnt-considering\/attachment\/file-photo-a-philip-morris-logo-is-pictured-on-a\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8R0WA-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8R0WA-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marie Mannes and Richa Naidu GDANSK\/LONDON (Reuters) -Philip Morris International is not considering withdrawing its offer for Swedish Match despite deteriorating global economic conditions and has \u201coptions on the<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1662702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1662702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1662702"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1662702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1662702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1662702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1662702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}