Philip Morris wins 83% stake in Swedish Match, goes ahead with $16 bln takeover

Marlboro maker Philip Morris International (PMI) said on Monday it was going ahead with its $16 billion plan to buy Swedish Match despite winning accept from owners with no more than 82.59% of shares in the Swedish peer.

By Swedish law a bidder can only initiate a compulsory redemption of remaining shares if voluntary acceptance is above 90%. PMI had said earlier it could drop the bid if acceptance was lower.