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.
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.
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