Mergers: Commission approves Philip Morris International’s acquisition of Swedish Match, subject to conditions

Daily News 26 / 10 / 2022

Economia - pubblicata il 28 Ottobre 2022

Source: European Commission Spokesperson’s Service

The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Swedish Match by Philip Morris International. The Commission’s preliminary investigation showed
that SMD Logistics has a dominant position in the supply of combustible tobacco, smoke-free, and related products in Sweden. The transaction could have led to foreclosure effects in Sweden, given
that SMD is the only distributor of combustible tobacco, smoke-free, and related products in Sweden. To address the Commission’s preliminary competition concerns, Philip Morris International
offered to divest Swedish Match’s logistics arm, SMD Logistics. The commitments consist of the structural divestiture of a stand-alone business, which fully removes the vertical links between the
manufacture of tobacco and nicotine products and their distribution in Sweden. This will enable a purchaser to run the divested business as a viable competitive force in the market on a lasting
basis. Following the market test, the Commission concluded that the transaction, as modified by the commitments, would no longer raise competition concerns. A press release is available online.

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