Philip Morris gains conditional EU okay for Swedish Match deal

This post was originally published on this site

https://i-invdn-com.investing.com/trkd-images/LYNXMPEI9O0OX_L.jpg

“To address the Commission’s preliminary competition concerns, Philip Morris International (NYSE:PM) offered to divest Swedish Match’s logistics arm, SMD Logistics,” the EU competition enforcer said in a statement, confirming a Reuters story on Monday.

Philip Morris is seeking to expand its presence in the fast-growing market for cigarette alternatives, with sales from smoke-free products expected to make up more than its revenue by 2025.

Swedish Match makes snus, a Scandinavian moist oral tobacco product which users place behind their upper lip, where it has half of the global market.