PMI raises the takeover stakes with its ‘best and final’ offer for Swedish Match

Philip Morris International (PMI) has raised its public offer for its European rival Swedish Match from SEK106 ($9.52) to a final price of SEK116 ($10.42) per share in a bid to finalise its takeover of the smokeless tobacco specialist. The total bid now amounts to around SEK176bn ($15.8bn).

PMI chief executive Jacek Olczak said it was the company’s “best and final price”. If accepted by holders accounting for 90% of Swedish Match shares before 4th November, the transaction would then be expected to close by the end of this year.