Philip Morris still waits on EU green light for £14bn Swedish Match deal
Cigarette giant Philip Morris has offered to make concessions to the EU in order to scoop up up rival firm Swedish Match in a $16bn (£14bn) deal.
According to a European Commission filing, the maker of Malboro has put forward changes in order to address EU antitrust concerns, which it did not elaborate on.
The EU competition enforcer will now seek feedback from rivals and customers before deciding whether to accept the offer, or demand more concessions be made from Philip Morris.
The Commission was expected to clear the deal unconditionally but no final decision had been made, people close to the matter told Reuters.
The mega deal has received the green light from regulators in the United States and Brazil.
The company confirmed this afternoon that it has extended the acceptance period for a second time to shareholders of Swedish Match.
The New York listed firm announced its cash offer for the Stockholm-based group at 106 crowns per share back in May. Swedish Match’s shares have jumped nearly 50 per cent since then.
The majority of its products are sold in the US and Scandinavia, and the company develops and manufactures a variety of products, including Smokefree, Cigars, and Lights.