Fighting over smokeless tobacco
- Jaize Ashanti
- Nov 3, 2022
- 1 min read
So here we have two titans (Elliot Management and Phillip Morris) in their own respectable fields fighting over the smokeless tobacco company Swedish Match. No one knows if this will turn out to be a good deal but maybe there is something worth checking out in the smokeless tobacco field.
Elliot Management has increased its stake in Swedish Match to over 10% putting the activity hedge fund in a position to potentially block Philip Morris International's (PMI) bid to acquire the smokeless tobacco firm, according to a report by Bloomberg.
Elliot now holds 10.5% of the company's stock and has upped its holding from 7.5%.
According to a regulatory filing, another hedge fund, Davidson Kempner, has also increased its stake in Swedish Match to 5%.
If you are wondering "What is a hedge fund ?" check out the video below.
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