(Bloomberg) -- Philip Morris International Inc. is in talks to buy Swedish Match AB, a maker of smokeless tobacco products.
Swedish Match and Philip Morris International confirmed the discussions in statements Monday, saying talks are ongoing and there’s no certainty that an offer will be made.
Discussions are advanced and a deal could be announced in the coming days, according to people familiar with the process, who asked not to be identified as the details aren’t public. Swedish Match has a market valuation of about $11.5 billion.
The Wall Street Journal earlier reported details of the transaction.
Shares of Philip Morris International, which sells the Marlboro brand outside the U.S. rose 2% to $100.91 at 12:34 p.m. in New York trading amid a broad decline in U.S. stocks.
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Philip Morris Confirms Talks on Takeover of Swedish Match - BNN
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