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Philip Morris International Inc. Confirms Discussions With Swedish Match AB Regarding Potential Offer
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Philip Morris International (PMI) has confirmed ongoing discussions with Swedish Match AB (SWMAY) regarding a potential acquisition. The company stated that while talks are progressing, it remains uncertain whether an offer will be made, and PMI will refrain from further comments until appropriate. PMI focuses on delivering a smoke-free future, having invested over USD 9 billion since 2008 in developing smoke-free products. As of March 31, 2022, approximately 12.7 million adults have switched to PMI’s IQOS products globally, excluding Russia and Ukraine.
Positive
Ongoing discussions for a potential acquisition may enhance market position.
PMI has invested over USD 9 billion since 2008 in smoke-free product development.
Negative
Uncertainty surrounding the potential acquisition may cause investor anxiety.
NEW YORK--(BUSINESS WIRE)--
Philip Morris International Inc. (PMI) (NYSE: PM) today confirmed, in response to recent market speculation, that discussions are ongoing between PMI and Swedish Match AB (STO: SWMA) regarding a potential offer for the company.
The discussions are in progress and it is uncertain whether an offer will be made. PMI intends to make no further comment regarding the discussions unless and until it is appropriate to do so.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the U.S. Since 2008, PMI has invested more than USD 9 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. The U.S. Food and Drug Administration (FDA) has authorized the marketing of versions of PMI’s IQOS Platform 1 devices and consumables as Modified Risk Tobacco Products (MRTPs), finding that exposure modification orders for these products are appropriate to promote the public health. As of March 31, 2022, PMI's smoke-free products are available for sale in 71 markets, and PMI estimates that approximately 12.7 million adults around the world excluding Russia and Ukraine, have already switched to IQOS and stopped smoking. With a strong foundation and significant expertise in life sciences, in February 2021 PMI announced its ambition to expand into wellness and healthcare areas and deliver innovative products and solutions that aim to address unmet consumer and patient needs. For more information, please visit www.pmi.com and www.pmiscience.com.
