Philip Morris increases stake in Swedish Match to 93 percent

Philip Morris International (PMI) disclosed that it had increased its investment in Swedish Match to above 93 percent, which was sufficient to trigger a required share recall. The tobacco giant also intends to have the Swedish rival's securities removed from the stock exchange's register.

In May, the company that makes Marlboro made a $16 billion offer to purchase Swedish Match.

"Our acquisition of more than 90% of Swedish Match makes us happy. This will enable us to start the process of the company's mandatory buyback from minority shareholders and to submit an application for delisting," said PMI CEO Jacek Olczak.

source: ft.com