Philip Morris International (PMI) said on Monday it now owned a big enough stake in Swedish Match to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market.
to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market.a $16 billion takeover bid for the Swedish tobacco and nicotine products company.
"We are delighted to have obtained over 90% ownership of Swedish Match, allowing us to initiate a minority redemption process to acquire the remaining shares outstanding and request the delisting of the company from the stock market,” PMI Chief Executive Jacek Olczak said in a statement. Buying Swedish Match, with its popular wet snuff "snus" products and tobacco-free nicotine "ZYN" pouches, will aid PMI in its stated ambition to move away from health-harming cigarettes and eventually become a smoke-free company.
"This transaction marks a major milestone in accelerating our shared objective of a smoke-free future," Olczak said.
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