© Stocksak. FILEPHOTO: A Philip Morris logo was pictured on a factory near Neuchatel in Switzerland, December 8, 2017. REUTERS/Denis Balibouse
BRUSSELS (Stocksak – Philip Morris, a Marlboro maker, has received EU antitrust approval for its $16 million bid for Swedish Match. The European Commission stated on Tuesday that the target’s logistics company had been pledged to be sold.
“To address the Commission’s preliminary competition concerns Philip Morris International (NYSE 🙂 offered to divest Swedish Match’s logistics arm, SMD Logistics,” said the EU competition enforcer in a statement. This was in confirmation of a Stocksak story.
Philip Morris is looking to expand its presence within the rapidly-growing market for cigarette substitutes. By 2025, sales of smoke-free products will account for more than half of its revenue.
Swedish Match is a Scandinavian moist oral tobacco product that users place behind the upper lip. It has half of global market share.