Philip Morris International is in talks to buy European smokeless tobacco rival Swedish Match in a deal that could be valued at about $15 billion (£12.2bn), the Wall Street Journal reported on Monday, citing people familiar with the matter.
Swedish Match, the company behind the nicotine pouch brand Zyn, confirmed that discussions with Philip Morris regarding the possible public takeover are ongoing, but added: “There can be no certainty that an offer will be made, nor as to the terms of any such potential offer.”
The talks between the companies were in progress, but it was uncertain whether an offer will be made, Philip Morris said in a separate statement.
The Swedish multinational manufactures snus, nicotine pouches, moist snuff, tobacco- and nicotine-free pouch products, chewing tobacco, chew bags, tobacco bits, cigars, matches, and lighters, with the US and Scandinavia being its largest markets.
The company’s annual sales for 2021 amounted to SEK 18.48bn (£1.49bn)
