Philip Morris offers EU concessions in $16 billion Swedish Match deal

Published On : 10/06/2022

BRUSSELS (Reuters) – Marlboro maker Philip Morris has offered concessions to address EU antitrust concerns over its $16 billion bid for tobacco and nicotine products maker Swedish Match, a European Commission filing showed on Wednesday.

The EU competition enforcer did not provide details of the concessions in line with its policy. It will seek feedback from rivals and customers before deciding whether to accept them or demand more.

The Commission extended its deadline for a decision to Oct. 25 from Oct. 11. Companies typically offer remedies during the preliminary review if they are confident that the EU antitrust watchdog will accept them.

The Commission had been expected to clear the deal unconditionally but no final decision had been made, people close to the matter said on Tuesday.

The deal, which has been cleared in the United States and Brazil, is complex and EU regulators have to take into account the scope and characteristics of the European market, another person said.

(Reporting by Foo Yun Chee, Editing by Louise Heavens)

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