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EU regulators to decide on Philip Morris, Swedish Match deal by Oct. 11


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BRUSSELS — European Union antitrust regulators have set Oct. 11 as a deadline for their preliminary review of Philip Morris International Inc’s $16 billion bid for tobacco and nicotine products maker Swedish Match , a European Commission filing showed on Tuesday.

Philip Morris announced the proposed takeover in May that would cut its dependence on cigarettes and boost its presence in the fast-growing market for cigarette alternatives.

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The EU competition enforcer can clear the deal with or without remedies at the end of its scrutiny or it can open a four-month-long investigation if it has serious concerns.

Swedish Match generates the bulk of its profit from Swedish-style moist snuff called “snus.” (Reporting by Foo Yun Chee; editing by Jonathan Oatis)



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