By Will Feuer

 

Shares of tobacco giant Philip Morris International Inc. rose almost 2% in morning trading after The Wall Street Journal reported it is in advanced talks to buy Swedish Match AB, which makes smokeless tobacco and nicotine products.

The deal could be valued at about $15 billion or more, the Journal reported, citing people familiar with the matter. It would bolster Philip Morris' share of the fast-growing market for smokeless brands.

A deal could come as soon as this week, the Journal reported, though the talks could still fall apart.

Philip Morris stock rose almost 2% in midday trading to $100.64 a share. The stock was up about 4% so far this year.

Shares of Swedish Match AB that trade on the over-the-counter market rose more than 17% to $8.94.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

May 09, 2022 12:29 ET (16:29 GMT)

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