Activist investor Elliott raises Philip Morris stake

Reuters | Updated: 30-09-2022 15:16 IST | Created: 30-09-2022 15:11 IST
Activist investor Elliott raises Philip Morris stake
Representative Image Image Credit: Wikimedia Commons

Sept 30 - Activist investor Elliott Management Corp has raised its stake in Swedish Match to 7.25%, from 5.5% previously, it said in a disclosure Friday, putting pressure on Philip Morris International to raise its bid.

By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Oct. 21, but some have come out against the $16 billion -- or 106 SEK per share -- bid for one of the world's biggest makers of oral nicotine products.

Also Read: FOCUS-As deadline looms, some Swedish Match investors oppose Philip Morris deal

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