Activist investor Elliott building stake in Swedish Match – Bloomberg News
A Swedish Match thought retail outlet for the tobacco group’s moist powder tobacco “snus” in Stockholm, Sweden October 24, 2018. REUTERS/Anna Ringstrom
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July 7 (Reuters) – Activist investment decision agency Elliott Financial commitment Administration is developing a stake in tobacco and nicotine products and solutions maker Swedish Match AB (SWMA.ST), Bloomberg Information documented on Thursday, citing people today familiar with the make any difference.
Elliott plans to oppose the virtually $16 billion buyout offer for Swedish Match built by Philip Morris (PM.N) below its current phrases, the report explained. (https://bit.ly/3P7BLwQ)
Elliott managed nearly $51.5 billion of belongings as of final yr.
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Swedish Match and Philip Morris did not right away reply to Reuters requests for remark. Elliott declined to remark.
Hedge fund Bronte Capital, a shareholder of Stockholm-based Swedish Match, has also opposed the takeover beforehand, stating the offer cost was “unacceptable”. Some 90% of shareholders require to agree to the deal for it to progress below Swedish legislation. examine far more
A further shareholder abrdn (ABDN.L) has also claimed it was not apparent regardless of whether the extended-time period worth of Swedish Match was mirrored in Philip Morris’ provide value. read much more
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Reporting by Niket Nishant in Bengaluru Enhancing by Shailesh Kuber
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