Activist investor Elliott increases stake in Swedish Match
GDANSK/LONDON, Sept 30 (Reuters) – Activist investor Elliott Management Corp has raised its stake in Swedish Match (SWMA.ST) to 7.25% from 5.5% previously, it said on Friday in a statement, pressuring Marlboro maker Philip Morris International (PM.N) to increase its supply.
Philip Morris in May offered to buy the Stockholm-based maker of Zyn in a $16 billion bet on the growing market for cigarette alternatives.
According to Swedish law, 90% of Swedish Match shareholders must approve the offer by October 21, but some have spoken out against the SEK 106 per share offer for one of the world’s largest manufacturers of oral products. of nicotine.
Philip Morris and Swedish Match did not immediately respond to requests for comment. Elliott declined to comment.
($1 = 11.1382 Swedish crowns)
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Reporting by Marie Mannes in Gdansk and Richa Naidu in London; Editing by Matt Scuffham
Our standards: The Thomson Reuters Trust Principles.
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