Activist investor Elliott raises Swedish Match stake

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 Marlboro-maker Philip Morris International to raise its bid. Philip Morris and Swedish Match did not immediately respond to requests for comment.

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 Marlboro-maker Philip Morris International to raise its bid. Philip Morris in May offered to buy the Stockholm-based maker of Zyn in a $16 billion bet on the fast-growing market for cigarette alternatives.

By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Oct. 21, but some have come out against the 106 SEK per share bid for one of the world's biggest makers of oral nicotine products. Philip Morris and Swedish Match did not immediately respond to requests for comment. Elliott declined to comment.

($1 = 11.1382 Swedish crowns)

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