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STOCKHOLM — Shares in Swedish Match soared 26% in early trade on Tuesday after U.S. rival Philip Morris International Inc said it was in talks to buy the Stockholm-based tobacco products company betting on a growing market for alternatives to cigarettes.
The two companies in separate statements late on Monday confirmed media reports of the talks, saying it was uncertain whether an offer would be made.
Shares in Philip Morris, which is looking to expand its smoke-free options amid rising global scrutiny on the sale of traditional cigarettes, closed up 1% on Monday.
Swedish Match generates the bulk of profits from its Swedish-style snuff called “snus” but its relatively new tobacco-free nicotine pouch product Zyn is growing fast in home market Scandinavia and in the United States.
(Reporting by Anna Ringstrom)
Swedish Match shares set alight by Philip Morris takeover move - Financial Post
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