Wednesday, March 22, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Philip Morris offers $16b for Swedish Match

AFPbyAFP
May 11, 2022, 6:40 pm
in Biz Plus, Business
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

STOCKHOM, Sweden—Marlboro-maker Philip Morris International said Wednesday it offered $16 billion to acquire smokeless tobacco company Swedish Match as the US group aims to move away from its traditional cigarette business.

The board of Swedish Match recommended that its shareholders accept the bid of 106 Swedish kronor per share, nearly 40 percent above its closing share price on Monday, the companies said in separate statements.

The deal would total 161.2 billion Swedish kronor (15 billion euros).

Stockholm-based Swedish Match derives more than 65 percent of its revenue from smoke-free products, including chewing tobacco and the Zyn brand of nicotine pouches. 

Philip Morris announced in 2016 a long-term goal to stop selling cigarettes and replace them with alternatives that it says are less harmful.

ADVERTISEMENT

The US company sells cigarette brands such as Marlboro and Chesterfield in 180 markets outside the United States and has invested billions of dollars since 2008 in vapor products, oral nicotine and other “reduced-risk” products.

Last year it clinched a controversial takeover of British breathing inhaler manufacturer Vectura, despite fierce opposition from health campaigners and medical groups.

The group plans to generate at least $1.0 billion in annual net revenues from nicotine-free products by 2025.

Philip Morris and Swedish Match had confirmed the takeover talks on Monday following a Wall Street Journal report.

“We are pleased to announce this exciting next step in Philip Morris International’s and Swedish Match’s trajectory toward a smoke-free future,” the US company’s chief executive, Jacek Olczak, said in a statement.

“Underpinned by compelling strategic and financial rationale, this combination would create a global smoke-free champion—strengthened by  complementary geographic footprints, commercial capabilities and product portfolios—and open up  significant platforms for growth in the US and internationally,” he said.

Swedish Match is also known for making cigars and “snus,” a form of snuff particular to Nordic countries.

The sale of snus, a moist powder tobacco origination from dry snuff, is illegal across the European Union, but Sweden has an exemption. 

Tags: Philip Morris Internationalsmokeless tobaccoSwedish Match
ADVERTISEMENT
AFP

AFP

Related Posts

Millers seek retention of MFN tariff on imported wheat flour

byOthel V. Campos
March 21, 2023, 10:55 pm
0
8
PH extends anti-dumping duty on flour from Turkey

Flour millers are calling for the retention of most favored nation tariff on imported wheat flour or meslin flour and...

Read more

BOP yielded deficit of $895m in February

byJulito G. Rada
March 21, 2023, 8:00 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

The country’s balance of payments position in the first two months remained at a surplus of $2.2 billion, a reversal...

Read more

Fitch unit sees no major hurdles to Sky-PLDT deal

byDarwin G. Amojelar
March 21, 2023, 7:55 pm
0
8
Fitch unit sees no major hurdles to Sky-PLDT deal

CreditSights, a unit of Fitch Group, said Tuesday it foresees no “major regulatory hurdles” to the P6.75-billion acquisition of Sky...

Read more

Citicore building 680-MW Batangas solar plant

byAlena Mae S. Flores
March 21, 2023, 7:50 pm
0
8
CREIT confident on P10.1-b IPO

Citicore Renewable Energy Corp. on Tuesday broke ground on its P21-billion, 680-megawatt solar power plant in Tuy, Batangas, becoming the...

Read more

Robinsons Land’s board approves plan to extend P3-b share buyback program

byJenniffer B. Austria
March 21, 2023, 7:45 pm
0
8
Robinson Land’s income up by 47%

Property developer Robinsons Land Corp. said Tuesday its board of directors approved the extension of its P3-billion share buyback program...

Read more

Pag-IBIG released P53.76-b cash loans, assisted 2.61m members last year

byManila Standard
March 21, 2023, 7:40 pm
0
8
Pag-IBIG releases P53.76B cash loans in 2022; Assists record-high 2.61M members

Pag-IBIG Fund disbursed P53.76 billion in cash loans, otherwise known as short-term loans, benefiting a record 2,612,491 members in 2022,...

Read more

Print Edition

View More

Recent Posts

  • The progressive congresswomen of CALABARZON, Bicol
  • Women leaders of Regions 4-A and Bicol: Making waves in Philippine politics
  • Congress Heads
  • House panel acts vs. Teves
  • Rufus rejects ‘secret’ meet on ‘Cha-cha’
  • Japan’s deep sea device spots tanker 400 meters deep off Mindoro
  • US, PH blast China ‘grey zone’ ops in SCS ‘impeding’ fishermen’s rights
  • One-strike policy for ‘ninja cops’ a must—Speaker

Advertisement

Latest News

Japan’s deep sea device spots tanker 400 meters deep off Mindoro

byCharles Dantesand4 others
March 22, 2023, 1:05 am
0
8
PAGASA heralds end of ‘amihan’, dry season start

The MT Princess Empress, which sank three weeks ago with its cargo of 800,000 liters of industrial fuel oil, has...

Read more

US, PH blast China ‘grey zone’ ops in SCS ‘impeding’ fishermen’s rights

byRey E. Requejoand1 others
March 22, 2023, 1:00 am
0
8
Southwoods nails Seniors’ Fil golf crown

THE defense secretaries of the United States and the Philippines jointly denounced China’s “gray-zone” operations—activities that just fall short of...

Read more

One-strike policy for ‘ninja cops’ a must—Speaker

byMaricel Cruz
March 22, 2023, 12:55 am
0
8
PNP vows deep probe into acts of ‘party girl’

Speaker Martin G. Romualdez on Tuesday urged the Philippine National Police (PNP) to strictly enforce a one-strike policy against “ninja...

Read more

PBBM: Study LGU devolution further

byVince Lopez
March 22, 2023, 12:50 am
0
8
UP nears 2nd straight UAAP hoops crown

President Ferdinand Marcos Jr. ordered government agencies to study Executive Order No. 138 for possible amendments and to determine what...

Read more

Bill lets married women keep own surnames

byMaricel Cruz
March 22, 2023, 12:40 am
0
8
Southwoods nails Seniors’ Fil golf crown

The House of Representatives on Tuesday approved on final reading a bill that will allow married women to retain their...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App