Philip Morris is set to win unconditional EU antitrust approval for its $16 billion bid for tobacco and nicotine products maker Swedish Match, reported Reuters.
Marlboro-maker Philip Morris announced its cash offer for the Stockholm-based group at 106 crowns per share in May, seeking to expand in the fast-growing market for cigarette alternatives.
Philip Morris, which was spun off from Swedish Match rival Altria in 2008, wants smoke-free products to account for more than half of sales by 2025.
The European Commission, which is scheduled to finish its preliminary review of the deal by Oct. 11, declined to comment.
The sources said that the EU competition enforcer does not see any competition issues arising from the deal.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI