Business

Swedish Match agrees to $16 billion takeover by Philip Morris

Swedish Match AB said on Wednesday its board had accepted a cash offer of 161.2 billion Swedish kronor, or $16 billion, from Philip Morris International Inc.

Under the proposal, subject to shareholder approval, investors in the Stockholm-based company will receive 106 Swedish crowns in cash for each share held. The price represents a 39% premium to the company’s stock price of SEK 76.50 on Friday, the day before The Wall Street Journal reported the companies were in talks.


Wj

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