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Philip Morris bets on cigarette alternatives with $16 billion bid for Swedish Match

By Anna Ringstrom STOCKHOLM (Reuters) -Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut...
Philip Morris bets on cigarette alternatives with $16 billion bid for Swedish Match © Reuters. Packs of Marlboro cigarettes are on display in a shop in Saint Petersburg, Russia April 10, 2022. REUTERS/REUTERS PHOTOGRAPHER

By Anna Ringstrom

STOCKHOLM (Reuters) -Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut the U.S. company's dependence on cigarettes.

In a bet on fast-growing markets for cigarette alternatives, PMI said on Wednesday it was making a cash offer for the Stockholm-based group at 106 crowns per share, valuing it at 161.2 billion crowns ($16 billion). Swedish Match's board has recommended the offer.

Swedish Match shares were up 9% to a record 103.30 crowns, having jumped already on Tuesday when PMI confirmed reports it was in talks to buy the firm.

The Swedish company makes most of its profit from Swedish-style moist snuff called "snus". Sales of its relatively new Zyn tobacco-free nicotine pouches - which are, like snus, put under the upper lip and sucked - are growing rapidly in Scandinavia and the United States as consumers become more health-conscious.

Swedish Match dropped cigarettes in 1999 and wants to spin off its cigar business, a move that would mean a full exit from combustible products. PMI aims for smoke-free products to account for more than half of sales by 2025.

PMI was spun off from U.S. peer Altria (NYSE:MO), a rival to Swedish Match, in 2008. Swedish Match would give PMI, which does not sell its products in the United States, access to a ready-made distribution network.

"This is not a cost synergy case," Swedish Match CEO Lars Dahlgren told Reuters. "This is rather a textbook example of perfect industrial logic - two companies that share the same vision and that also are very complementary in their commercial setups."

Analysts at Credit Suisse said they had a positive view on the bid value, which represents roughly a 40% premium to Swedish Match shares prior to the bid announcement.

Swedish Match has long been tipped a takeover candidate.

"PM is the natural buyer for Swedish Match both from a price/size capacity but also from a deliverability/anti-trust perspective," Alastair Mankin, vice president at brokerage Cowen, said in a note.

BofA Securities and Citigroup (NYSE:C) Global Markets Limited are acting as advisers to PMI on the deal. Goldman Sachs (NYSE:GS) is advising Swedish Match, which also commissioned an opinion from SEB Corporate Finance.

Swedish Match reported first-quarterly earnings on Wednesday that were slightly below expectations but sales and profits from Zyn grew significantly in the United States, with deliveries up 35%.

($1 = 10.0381 Swedish crowns)

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28-05-2022 10:56:00 (UTC+7)

EUR/USD

1.0735

+0.0011 (+0.10%)

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EUR/USD

1.0735

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GBP/USD

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USD/JPY

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US Coffee C Futures

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Euro Stoxx 50

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1,887.90

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 EUR/USD1.0735↑ Buy
 GBP/USD1.2629Sell
 USD/JPY127.13↑ Buy
 AUD/USD0.7161↑ Buy
 USD/CAD1.2723Neutral
 EUR/JPY136.48↑ Buy
 EUR/CHF1.0278↑ Buy
 Gold1,851.64↑ Buy
 Silver22.130↑ Buy
 Copper4.3225↑ Sell
 Crude Oil WTI115.07↑ Sell
 Brent Oil115.32↑ Sell
 Natural Gas8.708↑ Buy
 US Coffee C228.65↑ Sell
 Euro Stoxx 503,808.86↑ Buy
 S&P 5004,158.24↑ Buy
 DAX14,462.19↑ Buy
 FTSE 1007,585.46Sell
 Hang Seng20,697.36↑ Buy
 Small Cap 20001,887.90Neutral
 IBEX 358,933.60↑ Buy
 BASF51.110Neutral
 Bayer66.58↑ Buy
 Allianz200.20↑ Buy
 Adidas179.96↑ Buy
 Lufthansa6.881↑ Buy
 Siemens AG121.86Buy
 Deutsche Bank AG10.392↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,830/ 6,940
(0/ 0) # 1,716
SJC HCM6,850/ 6,950
(-5/ -5) # 1,738
SJC Hanoi6,850/ 6,952
(-5/ -5) # 1,740
SJC Danang6,850/ 6,952
(-5/ -5) # 1,740
SJC Nhatrang6,850/ 6,952
(-5/ -5) # 1,740
SJC Cantho6,850/ 6,952
(-5/ -5) # 1,740
Cập nhật 28-05-2022 10:56:03
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ↀ Giá vàng thế giới
$1,853.48+0.570.03%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$113.93+1.171.01%
Brent$115.32+4.013.36%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.030,0023.340,00
EUR24.263,1125.622,23
GBP28.523,9629.740,84
JPY177,60188,03
KRW15,9119,38
Cập nhật lúc 10:51:05 28/05/2022
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