Philip Morris aims to ignite profits with Swedish Match The company is making moves to stub out its dependence on cigarettes 11 May 2022 - 17:02 Niklas Pollard and Anna Ringstrom Moist powder tobacco "snus" cans are seen on shelves at a Swedish Match store in Stockholm, Sweden. File photo: REUTERS/ANNA RINGSTROM Philip Morris International (PMI) has agreed to buy tobacco and nicotine products maker Swedish Match in a $16bn deal that aims to cut the US company’s dependence on cigarettes. In a bet on fast-growing markets for cigarette alternatives, PMI said on Wednesday it was making a cash offer for the Stockholm-based group at 106 crowns per share, valuing it at 161.2-billion crowns ($16bn).... [Read more]