Philip Morris Wins $16 Billion Battle for Swedish Match (1)

Philip Morris International Inc. is proceeding with the $16 billion takeover of nicotine pouch maker Swedish Match AB after securing support from enough shareholders, including Elliott Investment Management LP.

The transaction had been in doubt as it was unclear if Elliott, the largest shareholder, would back the deal, which was contingent on getting 90% support.

Philip Morris said Monday it has the backing of 83% of shareholders, including its top 10, and waived the acceptance level to give remaining investors time to agree to the offer.

The takeover will allow the maker of Marlboro cigarettes to accelerate its goal of ...