Elliott buys stake in Philip Morris target - report

Wednesday, 17. August 2022 15:43

Elliott Investment Management has acquired an undisclosed stake in Swedish Match, a tobacco company that Philip Morris International Inc. is trying to buy, The Wall Street Journal reported on Wednesday, citing unnamed sources with knowledge of the situation.

Philip Morris wants to acquire at least 90% of Swedish Match as the transaction will be all but closed the moment it takes control over that stake due to Swedish law. Its $16 billion bid expires in October.

Although Elliott did not make its plans public, a Sinclair Capital hedge-fund manager told the newspaper that Elliott is seemingly attempting to make Philip Morris increase its offer.

Related Links: Philip Morris International Inc.
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