Elliot Hedge Fund is now the largest shareholder in the Swedish Match
By Matea Gucec
According to a Bloomberg report, hedge fund Elliott Investment Management increased its holding in Swedish Match AB to 7.25%, making it the company's largest individual stakeholder.
The action is being taken as Philip Morris International (PMI) works to close an agreement to buy the company for $14 billion, down from $16 billion due to a decline in the value of the Swedish krona relative to the US dollar.
The report cites regulatory filings as revealing that Elliott upped its stake on two consecutive days as a group of large hedge funds are reportedly attempting to pressure PMI into sweetening its offer. Chief executive officer Jacek Olczak has told Reuters that PMI has no plans to revise the deal and that the company's strategy "doesn't Inge" on acquiring Swedish Match.
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