Activist investor Elliott raises Swedish Match stake (updated)

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30/09/2022 11:04

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    By Marie Mannes and Richa Naidu
       GDANSK/LONDON, Sept 30 (Reuters) - Activist investor
Elliott Management Corp has raised its stake in Swedish Match
 SWMA.ST  to 7.25%, from 5.5% previously, it said in a
disclosure Friday, putting pressure on Marlboro-maker Philip
Morris International  PM.N  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)
 (Reporting by Marie Mannes in Gdansk and Richa Naidu in London;
Editing by Matt Scuffham)
 ((Marie.mannes@thomsonreuters.com))