Friday, September 29, 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
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • 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
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • 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.

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

Cebu Pacific eyes Boeing planes as Airbus engine issue affects fleet

byDarwin G. Amojelar
September 28, 2023, 7:35 pm
0
8
No-hassle travel hacks with budget-friendly accommodation

Cebu Air Inc., the operator of low-cost carrier Cebu Pacific, said Thursday it plans to purchase narrow-body aircraft from US...

Read more

PH improves 3 spots to rank 56th in global innovation index

byOthel V. Campos
September 28, 2023, 7:30 pm
0
8
PH ranks 9th globally in IP innovation ranking

The Philippines climbed three spots to rank 56th in the Global Innovation Index (GII) 2023 out of 132 economies included...

Read more

Foreign tourists reached nearly 4m as of Sept. 27 in line with 2024 goal

byOthel V. Campos
September 28, 2023, 7:25 pm
0
8
CONCEPCION INDUSTRIAL CORPORATION: Notice of the Annual Stockholders’ Meeting

Department of Tourism (DOT) Secretary Christina Frasco said Thursday international visitor arrivals reached 3.97 million as of Sept. 27, representing...

Read more

SEC streamlines disclosure requirements

byJenniffer B. Austria
September 28, 2023, 7:20 pm
0
8
SEC files charges against four firms soliciting investments

The Securities and Exchange Commission (SEC) eased the disclosure requirements for companies seeking to raise funds through the capital market....

Read more

Vivant unit signs contract with Bataan solar developer

byAlena Mae S. Flores
September 28, 2023, 7:15 pm
0
8
Vivant unit signs contract with Bataan solar developer

COREnergy Inc., a wholly-owned subsidiary of Vivant Energy Corp., signed a 20-year power supply agreement with Samal Solar Renewable Energy...

Read more

Stocks extend advance on bargain hunting

byJenniffer B. Austria
September 28, 2023, 7:10 pm
0
8
Stock market surges; PLDT, Globe advance

Philippines stocks extended its climbed to sixth consecutive trading day on continued bargain hunting and foreign buying. The Philippine Stock...

Read more

Print Edition

View More

Recent Posts

  • House okays P5.768-t post-pandemic budget
  • ‘OVP intel funds invalid but not impeachment ground’
  • Q3 pro-admin sentiment down to 43%—survey
  • Congress passes several crucial priority measures
  • Marcos, Macron tackle WPS security issues, bilateral ties
  • Socorro ‘cult’ leader held in contempt
  • P3.6-b shabu seized in Pampanga
  • Meta putting AI in smart glasses

Advertisement

Latest News

Socorro ‘cult’ leader held in contempt

byMacon Ramos-Araneta
September 29, 2023, 12:45 am
0
8
Marcos, Macron tackle WPS security issues, bilateral ties

A Senate committee on Thursday cited Socorro Bayanihan Services Inc. (SBSI) leader Jey Rence Quilario, also known as Senior Agila,...

Read more

P3.6-b shabu seized in Pampanga

byRey E. Requejoand1 others
September 29, 2023, 12:40 am
0
8
Southwoods nails Seniors’ Fil golf crown

Law enforcement agencies have seized P3.6 billion worth of methamphetamine hydrochloride or "shabu" in a warehouse in Mexico City, Pampanga,...

Read more

Meta putting AI in smart glasses

byAFP
September 29, 2023, 12:35 am
0
8
Facebook-parent Meta appeals UK ruling on Giphy tie-up

Meta chief Mark Zuckerberg on Wednesday said the tech giant is putting artificial intelligence into digital assistants and smart glasses...

Read more

Ateneo remains top PH school in global rankings

byGabriellea B. Pariño
September 29, 2023, 12:30 am
0
8
Ateneo rated as country’s top learning institution

The Ateneo de Manila University remained the top school in the Philippines, according to the latest global rankings published by...

Read more

MTRCB upholds 12-day suspension of ‘It’s Showtime’

byNickie Wang
September 29, 2023, 12:23 am
0
8
MTRCB says it needs to ‘widen’ its jurisdiction of video streaming

The Movie and Television Review and Classification Board upheld its decision to suspend the noontime show “It’s Showtime” for 12...

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
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • 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