Philip Morris International (PMI) said on 28 November, it now owned a big enough stake in Swedish Match to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market, Reuters reported.

PMI launched a USD 16 billion takeover bid for the Swedish tobacco and nicotine products company in May . “We are delighted to have obtained over 90 per cent ownership of Swedish Match, allowing us to initiate a minority redemption process to acquire the remaining shares outstanding and request the delisting of the company from the stock market,” PMI Chief Executive Jacek Olczak said in a statement.
The purchase of Swedish Match, with its popular snus products and tobacco-free nicotine “ZYN” pouches, will support PMI in its stated ambition to move away from cigarettes and eventually become a smoke-free company. “This transaction marks a major milestone in accelerating our shared objective of a smoke-free future,” Olczak said.
PMI’s initial offer of SEK 106 (USD 10.21) per share met fierce opposition from activist investor Elliott Management and other shareholders, and the bid was later raised to SEK 116. Elliott and the rest of the top 10 shareholders all decided to tender their shares after the bid was raised and PMI had secured over 83 per cent approval by the end of the initial offer period in early November.