the tobacco giant Philip Morris International (PMI) announced a nearly $16 billion offer to buy Swedish Match as part of its diversification into alternative products to cigarettes.
Swedish Matchspecializing in “snus” -bags of tobacco or nicotine that are placed under the lip-, recommended in a separate statement to its shareholders that they accept the offer of 106 crowns per share, 40% more than its price last Monday.
The two groups had confirmed on Monday that they were in acquisition talks, according to the Wall Street Journal.
Philip Morris, owner of the trademarks Marlboro and Chesterfieldhas sought to diversify its product range in recent years by offering less dangerous alternatives to cigarettes, such as smokeless and paperless tobacco.
Along the same lines, the New York company took control of the British manufacturer of medical inhalers Vectura in September.
Swedish Match, which is listed on the stock exchangederives nearly two-thirds of its turnover from smokeless products.