Philip Morris Stock Rises on Report of Talks to Buy Swedish Match
10 May 2022 - 2:44AM
Dow Jones News
By Will Feuer
Shares of tobacco giant Philip Morris International Inc. rose
almost 2% in morning trading after The Wall Street Journal reported
it is in advanced talks to buy Swedish Match AB, which makes
smokeless tobacco and nicotine products.
The deal could be valued at about $15 billion or more, the
Journal reported, citing people familiar with the matter. It would
bolster Philip Morris' share of the fast-growing market for
smokeless brands.
A deal could come as soon as this week, the Journal reported,
though the talks could still fall apart.
Philip Morris stock rose almost 2% in midday trading to $100.64
a share. The stock was up about 4% so far this year.
Shares of Swedish Match AB that trade on the over-the-counter
market rose more than 17% to $8.94.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 09, 2022 12:29 ET (16:29 GMT)
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