US-based activist investor Elliott is building a stake in Swedish Match AB and plans to oppose the company’s sale to Philip Morris International Inc. (PMI), reports Bloomberg.

Smokeless tobacco company Swedish Match had agreed to the takeover by PMI in a spectacular USD 16 billion deal. According to Bloomberg, the deal is, however, subject to numerous conditions which includes PMI holding more than 90 per cent of Swedish Match’s shares. Elliott Investment Management, which is run by billionaire Paul Singer, is now building a stake in Swedish Match and plans to oppose the takeover under the current terms. Elliott has agitated for changes at some of the world’s largest and most prominent companies, including Twitter Inc., Canadian National Railway Co., and AT&T Inc. in recent years, reports Bloomberg.
Representatives for Elliott, Swedish Match and Philip Morris did not comment on the matter.
Swedish Match produces the popular nicotine pouches ZYN and is a leading maker of snus. By taking the company over, PMI would enter into the highly competitive field of oral nicotine products.