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.

From Product Innovation to Integrated Solutions: NEXTECH Expands Its Global Heated Tobacco Solutions
From Product Innovation to Integrated Solutions: NEXTECH Expands Its Global Heated Tobacco Solutions
NEXTECH launched its NEXE Pro circumferential-heating tobacco stick globally at InterTabac 2026, as the company expands from product innovation into broader heated tobacco solutions. Amid intensifying competition across global HTP markets, NEXTECH is strengthening its R&D, manufacturing and pre-launch support capabilities to serve different types of business customers.
Industry Insight
Sep.15
Russia's Vape Ban Decisions Reach 17 Regions With 39 More Considering Laws, Putting Over 3,000 St. Petersburg Retail Outlets in Focus
Russia's Vape Ban Decisions Reach 17 Regions With 39 More Considering Laws, Putting Over 3,000 St. Petersburg Retail Outlets in Focus
Russia's regional vape retail restrictions are expanding. State Duma Speaker Vyacheslav Volodin said on November 7 that 17 regions had adopted decisions to ban vape sales, while another 39 were preparing or considering similar legislation. On November 12, lawmakers in Leningrad Oblast and the Republic of Karelia adopted bans scheduled to begin on March 1, 2027. A day earlier, St. Petersburg unanimously approved a five-year ban proposal in its first reading. The city has 615 specialist vape shops and more than 2,400 other retail outlets selling vaping products alongside other goods. Under Federal Law No. 186-FZ, enacted in June 2026, Russian regions may prohibit retail sales of electronic nicotine delivery systems and related liquids between March 2027 and March 2032. The legislation also restricts licensed suppliers from delivering covered products to retail premises in regions where bans apply.
Regulations
Nov.13
Wisconsin Vape Directory One Year On: Retailer Reports Four Store Closures and 70% Staff Cuts
Wisconsin Vape Directory One Year On: Retailer Reports Four Store Closures and 70% Staff Cuts
Wisconsin's electronic vaping device directory has been fully enforced for more than a year, and local vape retailers say the reduced range of eligible products has contributed to declining sales, store closures and layoffs. Johnny Vapes owner Ben Hall said he has closed four of seven locations and cut about 70% of his staff. State law bars the sale of vaping devices not listed on the Wisconsin Department of Revenue directory and allows penalties of $1,000 per day for each unlisted device sold or offered for sale. In April 2026, the U.S. Court of Appeals for the Seventh Circuit allowed enforcement of the law to continue.
Regulations
Oct.10
Kumulus Vape2026 H1 Revenue Falls 8.3% but Profit Rises 24% as B2B Weakens and Consumer Channels Grow
Kumulus Vape2026 H1 Revenue Falls 8.3% but Profit Rises 24% as B2B Weakens and Consumer Channels Grow
French vaping company Kumulus Vape reported first-half 2026 revenue of €25.5 million, down 8.3% year over year, as its core B2B distribution business fell 11% to €21.6 million. B2C and store-network revenue rose 5.6% and 17.8%, respectively. Commercial margin increased to 26.3% from 21.7%, while net profit rose 24.1% to €0.8 million. The company attributed the profitability improvement to catalog optimization, logistics restructuring and the ramp-up of Labster, its in-house production unit for proprietary brands.
Market
Sep.17 by 2Firsts Perspectives
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
PMI Showcases ZYN, IQOS and U.S. Investments at NACS Show 2026
At the 2026 NACS Show in Las Vegas, Philip Morris International (PMI) showcased its ZYN nicotine pouches, IQOS heated tobacco products and U.S. investments. A 2Firsts review of FDA records found that several ZYN products displayed at the booth were not on the agency's marketing authorization list, including certain nicotine strengths and flavors. A PMI booth representative also confirmed that IQOS is currently sold in three U.S. states, while the newer IQOS ILUMA system remains under FDA review.
EXPO
Oct.10
PMI Pushes Smoke-Free Business in Latin America as Argentina Lifts Heated Tobacco Ban, Mexico City Share Tops 7%
PMI Pushes Smoke-Free Business in Latin America as Argentina Lifts Heated Tobacco Ban, Mexico City Share Tops 7%
Philip Morris International (PMI) showcased IQOS heated tobacco systems and nicotine pouch products at Technovation 2026 in Buenos Aires on October 7–8, presenting research on consumer attitudes, regulatory developments and illicit cigarette trade across Latin America. PMI Chief Global Growth Officer Stefano Volpetti said smoke-free products accounted for more than 7% of the Mexico City market. Argentina repealed its heated tobacco ban in May 2026 and introduced registration requirements for tobacco and nicotine products, while local media reported nicotine pouch sales in Mendoza. A PMI-commissioned survey found that only 8% of respondents across four Latin American countries were familiar with nicotine pouches. A separate KPMG study estimated illicit cigarette consumption at 77 billion sticks across 11 markets in Latin America and Canada in 2025.
PMI
Oct.13