Swedish Match in buyout talks with larger rival Philip Morris

Swedish Match said on Monday the European tobacco products maker was in discussions with U.S. rival Philip Morris International Inc for a possible takeover offer. The talks were in progress, but it was uncertain whether an offer will be made, Philip Morris said in a separate statement.

Swedish Match said on Monday the European tobacco products maker was in discussions with U.S. rival Philip Morris International Inc for a possible takeover offer.

The talks were in progress, but it was uncertain whether an offer will be made, Philip Morris said in a separate statement. Swedish Match has a market capitalization of 120.92 billion Swedish krona ($12.04 billion), according to Refinitiv data. Philip Morris has a market capitalization of $153.37 billion.

Shares of Philip Morris were up 1% at $99.90. The news was first reported by the Wall Street Journal. ($1 = 10.0472 Swedish crowns)

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