Philip Morris is not planning to withdraw its $16 billion offer for Swedish Match

The organization's CEO said that Philip Morris International is not going to withdraw its offer to buy Swedish Match, despite the worsening state of the global economy. The company also has other options under discussion, one of which is to acquire a majority stake.

Marlboro maker Philip Morris in May offered to buy the Stockholm-based company, betting on the fast-growing alternative cigarette market.

Jacek Olczak, CEO of Philip Morris, finds the offer even more attractive, due to changes in international macroeconomic conditions that have occurred since the initial offer.

According to Euromonitor International, about half of the global market for snus, the moist and smokeless Swedish snuff, is controlled by Swedish Match. The organization is also the leader in nicotine sachets.