Philip Morris International said it was in talks to buy Stockholm-based tobacco products company Swedish Match , betting on a growing market for alternatives to cigarettes.
StockholmShares in Swedish Match soared 25% in mid-morning trade on Tuesday after US rival Philip Morris International 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 of the sale of traditional cigarettes, closed up 1% on Monday.
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