Elliott raises Swedish Match stake to over 10% as Philip Morris deadline looms (updated)

JAPAN TOBACCO

28/10/2022 10:20

(Adds background)
       Oct 28 (Reuters) - Activist investor Elliott Management
Corp has raised its stake in Swedish Match  SWMA.ST  to over
10%, it said in a filing on Friday, increasing its clout over
Philip Morris International's (PMI)  PM.N  $16 billion buyout
bid for the Swedish company.
    The move comes a week before the Nov. 4 deadline when
shareholders must decide whether to approve the $16 billion bid
for one of the world's biggest makers of oral nicotine products.
    Under Swedish law, PMI needs 90% of shareholders to agree to
the deal for it to go ahead.
    After increasing its stake to 10.5% on Friday from 7.25%
previously, Elliott could scupper the deal if it rejects the
offer.
    Bloomberg reported in July that the activist investor was
believed to be planning to oppose the deal. That was before PMI
sweetened the terms last week. It has not commented since.
    Swedish Match, PMI and Elliott did not immediately respond
to requests for comment on Friday.
 (Reporting by Marie Mannes; Editing by Josephine Mason)
 ((marie.mannes@thomsonreuters.com; +48 58 769 65 64;))