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Swedish Match Soars as Philip Morris Weighs $16 Billion Deal (1)

May 10, 2022, 7:41 AM

Swedish Match AB shares soared after Philip Morris International Inc. said it’s in talks to buy the maker of smokeless tobacco products in a deal that would accelerate the Marlboro producer’s push beyond cigarettes.

Swedish Match surged as much as 28% in early trading in London Tuesday, giving the company a market capitalization of more than $14 billion. Both companies confirmed the discussions in statements, saying talks are ongoing and there’s no certainty that an offer will be made.

If the deal occurs, it will become one of the largest transatlantic transactions this year and could value Swedish Match ...