The European Commission has given a conditional approval for Philip Morris International’s (PMI) USD 16 billion Swedish Match deal, reports Reuters.

PMI has managed to gain the European Commission’s approval for its USD 16 billion bid for Swedish Match after saying it would sell the logistics part of the business, reports Reuters. The Commission had previously expressed concerns regarding competition leading PMI to say it would divest Swedish Match’s logistics business SMD Logistics.
“To address the Commission’s preliminary competition concerns, Philip Morris International offered to divest Swedish Match’s logistics arm, SMD Logistics,” the EU competition enforcer said in a statement, confirming a Reuters story on Monday.
The approval, under the EU Merger Regulation, is dependent on full compliance with commitments offered by PMI, reports Reuters.