Philip Morris Declares Victory in Bid for Swedish Match

Philip Morris International


is pushing ahead with its takeover of smaller tobacco rival


Swedish Match


despite falling short of winning over shareholders with around 90% of the target’s stock.

On Monday, Philip Morris said it was waiving a previous condition that would have required Swedish Match investors to tender 90% of the shares. It said that 82.59% of Swedish Match shareholders, including the top 10 shareholders, had tendered their shares and it would extend the acceptance date until Nov. 25.