Philip Morris International Inc. (PMI) has extended its takeover bid for Swedish Match AB to 21 October after doubts the European Commission would be able to rule on the deal in time, reports Bloomberg.

The offer on the USD 16 billion takeover bid was initially set to expire on 30 September but has now been pushed back to 21 October. This is due to the fact that the European Commission is unlikely to be able to rule on the deal by the end of September. PMI said in a statement that its “assessment is that the process with the European Commission will instead be completed during October 2022.”
According to PMI, other than the acceptance period, the terms and conditions of the offer remain unchanged, reports Bloomberg.