Elliott Investment opposes Swedish Match's acquisition by Philip Morris International

Jul.11.2022
Elliott Investment opposes Swedish Match's acquisition by Philip Morris International
Elliott Investment Management is opposing the sale of Swedish Match AB to Philip Morris for $16 billion.

According to sources familiar with the matter, Elliott Investment Management is building a stake in Swedish Match AB. Swedish Match AB is a smokeless tobacco company that has agreed to be sold to Philip Morris International for $16 billion.


According to insiders, a US activist investor is reportedly planning to oppose the current terms of the deal and has requested that their identity remains confidential. Swedish Match had previously agreed in May to be acquired by PhiMo International.


A representative of Elliott declined to comment. Representatives from Swedish Match and Fempro International were unable to be reached for immediate comment.


On Friday, the stock price of Swedish Match increased by 1.7%, causing the company's market value to reach 161.3 billion kronor ($15.2 billion).


This transaction is subject to many conditions, including Fimo International acquiring over 90% of Swedish Match's shares through a bid, unless it chooses to waive this condition. At the end of last year, AstraZeneca Plc withheld 8% of Biovitrum AB's shares from its acquisition by Advent International and Singapore's GIC Pte, effectively preventing the purchase for $7.6 billion, highlighting the impact of opposition from major shareholders.


Freeze shares.


According to analyst Mads Rosendal of Danske Bank A/S, it is unlikely that Elliott will be able to acquire a large enough stake in Swedish Match to single-handedly block the deal.


In a research report on Friday, he wrote, "Even if they successfully block this transaction, it may not be detrimental to Swedish Match's profitability.


According to Rosendal, if the original agreement is reached, Swedish Match would be better off from a financial and credit rating perspective, but would suffer damage in terms of environmental, social, and governance considerations.


The Swedish Match deal is one of the biggest transactions this year, pushing FeiMo International into the fiercely competitive market for oral nicotine products, many of which are very different from traditional chewing tobacco.


Swedish Match is a prominent manufacturer of snuff, a tobacco product that users place between their upper lip and gum. It is popular in Sweden but banned in other parts of Europe. The company also produces nicotine pouches known as ZYN.


In recent years, Elliot Management Corporation, run by billionaire Paul Singer, has been concerned with the changes taking place in some of the world's largest and most well-known companies, including Twitter, Canadian National Railway and American multinational conglomerate AT&T. In Europe, the company last year drove the transformation of pharmaceutical firm GSK Plc and energy company SSE Plc.


I'm sorry, as an AI language model, I already operate and communicate in standard journalistic English. If you have a specific sentence or text that you want me to translate, please provide it.



Disclaimer

This article is provided solely for professional research, industry discussion, and informational purposes. Any references to brands, companies, products, technologies, or policies are made for factual reporting and analytical purposes only, and do not constitute endorsement, recommendation, promotion, or advertising by 2Firsts.

Nicotine-containing products, including but not limited to cigarettes, e-cigarettes, heated tobacco products, and nicotine pouches, carry significant health risks. Readers are responsible for complying with all applicable laws and regulations in their respective jurisdictions, including age restrictions and access limitations.

The information contained in this article should not be regarded as investment, legal, medical, regulatory, or commercial advice. While 2Firsts strives to ensure the accuracy and reliability of its content, it does not assume liability for any direct or indirect loss arising from errors, omissions, inaccuracies, or reliance on the information contained herein.

This article is not intended for individuals below the legal age for accessing tobacco or nicotine-related information in their jurisdiction.

 

Copyright Notice

This article is either original content produced by 2Firsts or content reproduced, translated, summarized, or adapted from third-party sources with attribution where applicable. The intellectual property rights of the original content remain with 2Firsts or the respective original rights holders.

No individual or organization may copy, reproduce, distribute, republish, modify, translate, or otherwise use this content without prior authorization. Any unauthorized use may result in legal action.

For copyright-related inquiries, corrections, or removal requests, please contact: info@2firsts.com.

 

AI-Assisted Translation and Editing Notice

Portions of this article may have been translated, edited, or reviewed with the assistance of artificial intelligence tools to improve efficiency and readability. Due to the limitations of AI-assisted translation and editing, discrepancies, omissions, or inaccuracies may exist when compared with the original source.

Where applicable, readers are advised to refer to the original source for the most complete and accurate information. If you identify any errors or believe that any content infringes upon your rights, please contact us at info@2firsts.com, and we will review and address the matter promptly.

WIRED Investigation: Chinese-Made Vapes Turn to 6-Methyl-Nicotine and Other Analogs, Challenging U.S. Regulation
WIRED Investigation: Chinese-Made Vapes Turn to 6-Methyl-Nicotine and Other Analogs, Challenging U.S. Regulation
U.S. technology and investigative publication WIRED has examined how nicotine analogs are emerging as a new challenge for the country’s vape regulatory framework. The article argues that after the U.S. expanded federal oversight of nicotine products in 2022, some manufacturers began using nicotine-like compounds such as 6-methyl-nicotine that may fall outside existing definitions. Researchers cited by WIRED said some nicotine analogs could be more potent than traditional nicotine, although human health impacts remain unclear. U.S. policymakers are considering broader definitions of nicotine to bring these compounds under federal oversight.
Jul.27
Special Report|AIR H1 Revenue Rises 3.7% as Shisha Volumes Fall 9%, Testing Its Shift Beyond Traditional Hookah
Special Report|AIR H1 Revenue Rises 3.7% as Shisha Volumes Fall 9%, Testing Its Shift Beyond Traditional Hookah
AIR’s first half-year results as a listed company offer a new test of how far a traditional hookah business can transform. H1 2026 revenue rose 3.7%, even as Flavored Shisha Molasses shipments fell 9%, with pricing and mix supporting growth. Traditional shisha still generates almost all revenue, while OOKA, Crown Switch, Greentank and U.S. regulatory spending point to accelerating diversification. The next test is whether those investments can become a second business of meaningful scale and profitability.
Capital Markets
Aug.21
Product | PMI Japan Launches SENTIA Passion Fruit Capsule, Expanding the IQOS ILUMA Flavor Portfolio
Product | PMI Japan Launches SENTIA Passion Fruit Capsule, Expanding the IQOS ILUMA Flavor Portfolio
Philip Morris Japan (PM Japan) has introduced SENTIA Passion Fruit Capsule, a new tobacco stick designed for the IQOS ILUMA heated tobacco platform. Featuring a crush-activated capsule, the product combines menthol with passion fruit flavor to provide an additional flavor experience. The product launched in Japan from August 3, 2026, through IQOS official channels, convenience stores and tobacco retailers.
Aug.04
PMI Global R&D Chief Meets Chinese Tobacco Regulator as China Advances Heated Cigarette Standards
PMI Global R&D Chief Meets Chinese Tobacco Regulator as China Advances Heated Cigarette Standards
Philip Morris International’s global R&D chief Michele Cattoni met Liu Sanjiang, deputy director of China’s State Tobacco Monopoly Administration, in Beijing on Aug. 27. The meeting comes as China advances mandatory standards for heated cigarettes and nicotine pouches, laying groundwork for their domestic introduction. Cattoni has held senior roles in PMI’s heated tobacco development, while China’s draft standard covers multiple heating architectures, including systems similar in principle to PMI’s IQOS ILUMA technology.
Aug.27
Product | KT&G Brings LOOP Nicotine Pouches to South Africa, Supporting ASF’s Expansion Across Africa
Product | KT&G Brings LOOP Nicotine Pouches to South Africa, Supporting ASF’s Expansion Across Africa
KT&G has introduced nicotine pouch brand LOOP in South Africa, expanding its modern oral nicotine portfolio. Developed by Swedish company Another Snus Factory (ASF), LOOP is a tobacco-free nicotine pouch brand. KT&G and U.S. tobacco company Altria previously participated in ASF’s strategic development, and the South Africa launch represents a further step in LOOP’s international expansion.
Aug.06
Earnings Analysis | CTIHK H1 2026 Revenue Falls 26.9% as Core Businesses Diverge and New Growth Drivers Remain to Be Proven
Earnings Analysis | CTIHK H1 2026 Revenue Falls 26.9% as Core Businesses Diverge and New Growth Drivers Remain to Be Proven
China Tobacco International (HK) reported a 26.9% revenue decline in H1 2026, while gross profit fell only 9.5%, revealing sharp divergence across its businesses. Tobacco leaf imports contracted, while leaf exports and Brazil operations expanded strongly. Cigarette exports faced China duty-free market transition, and new tobacco products remained small. Meanwhile, CTIHK continues to strengthen its role as an investment and financing platform, though major external deals have yet to emerge. 2Firsts examines what these shifts mean for its next growth drivers.
Capital Markets
Aug.24