Philip Morris awaits for EU approval of deal with Swedish Match

The Philip Morris International company has filed a bid to purchase Scandinavian tobacco products manufacturer Swedish Match. The deal, valued as $16 billion, is expected to be approved by the EU antitrust authorities by the end of October.

The company’s plan to buy Swedish Match was announced in late spring this year, with its cash offering at 106 crowns per share. The offer was made as part of Philip Morris’ plan of expanding into a promising market of alternatives to regular cigarettes.

According to a statement made by Philip Morris’ CEO Jacek Olczak, the mentioned offer is still highly alluring, in their opinion, especially against the present market conditions.

He also noted that Philip Morris is anticipating the deal being closed, and in case the offer turns out to be unsatisfactory, the company will go on pursuing its strategic alternatives to it.