Markets

Philip Morris offered EU concessions in a Swedish Match deal worth $16 billion

Philip Morris offered EU concessions in a Swedish Match deal worth  billion

BRUSSELS (Reuters) – A European Commission request showed on Wednesday that Marlboro maker Philip Morris had made concessions to address EU antitrust concerns over its $16 billion bid for Swedish Match tobacco and nicotine maker.

The EU competition enforcement body has not provided details of concessions in line with its policy. You will seek feedback from competitors and customers before deciding whether to accept them or order more.

The Commission extended its deadline for a decision to 25 October from 11 October. Companies usually provide solutions during the initial review if they are confident that the EU’s antitrust watchdog will accept them.

The commission had been expected to seal the deal unconditionally, but no final decision had been made, people close to the matter said on Tuesday.

Another person said the deal, which was approved in the US and Brazil, is complex and EU regulators must take into account the scope and characteristics of the European market.

READ ALSO :   AP Source: Auburn finalizes deal to hire Miss Saint AD Cohen

The Latest

To Top