Philip Morris gains conditional EU okay for Swedish Match deal By Reuters

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Philip Morris gains conditional EU okay for Swedish Match deal

Stock Markets Oct 25, 2022 02:08PM ET

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Philip Morris gains conditional EU okay for Swedish Match deal

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BRUSSELS (Reuters) - Marlboro maker Philip Morris secured EU antitrust approval for its $16 billion bid for Swedish Match after pledging to sell the target's logistics business, the European Commission said on Tuesday.

"To address the Commission's preliminary competition concerns, Philip Morris International (NYSE:PM) offered to divest Swedish Match's logistics arm, SMD Logistics," the EU competition enforcer said in a statement, confirming a Reuters story on Monday.

Philip Morris is seeking to expand its presence in the fast-growing market for cigarette alternatives, with sales from smoke-free products expected to make up more than its revenue by 2025.

Swedish Match makes snus, a Scandinavian moist oral tobacco product which users place behind their upper lip, where it has half of the global market.

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