Swedish Match shares soar over Philip Morris takeover bid


In separate statements late Monday, the two companies confirmed media reports of the talks, saying it was uncertain whether a bid would be forthcoming.

Shares of Philip Morris, which is seeking to expand its smokeless options amid growing global scrutiny of the sale of traditional cigarettes, closed up 1% on Monday.

Swedish Match generates most of its profits from its Swedish-style snuff called “snus”, but its relatively new product, the Zyn tobacco-free nicotine pouch, is experiencing rapid growth in its home market of Scandinavia and in the United States.



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