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.


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