Philip Morris hikes offer for Swedish smokeless tobacco firm ...Middle East

PARIS: Marlboro-maker Philip Morris International said Thursday it had increased its offer for smokeless tobacco company Swedish Match, as the US group looks to steer away from its traditional cigarette business.Philip Morris hiked its offer from 106 to 116 kronor per share -- bringing the total offer to 176.4 billion kronor ($15.76 billion) -- and said it would not raise it further.While this is an increase from the original offer in May, it represents a drop in dollar terms from $16.16 billion due to currency movements.Jacek Olczak, Philip Morris chief executive, said the revised offer was “compelling value for the shareholders of both Swedish Match and PMI”.He added that the “deterioratio

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