STOCKHOLM, May 10 (Reuters) – Shares in Swedish Match soared 26% in early trade on Tuesday after U.S. rival Philip Morris International Inc said it was in talks to buy the Stockholm-based tobacco products company betting on a growing market for alternatives to cigarettes.
The two companies in separate statements late on Monday confirmed media reports of the talks, « http://onebt.co.kr/bbs/board.php?bo_table=free&wr_id=3522 saying it was uncertain whether an offer would be made.
Shares in Philip Morris, which is looking to expand its smoke-free options amid rising global scrutiny on the sale of traditional cigarettes, closed up 1% on Monday.
Swedish Match generates the bulk of profits from its Swedish-style snuff called « snus » but its relatively new tobacco-free nicotine pouch product Zyn is growing fast in home market Scandinavia and in the United States.
(Reporting by Anna Ringstrom)
