Malboro maker Philip Morris International finally wins support for its $15.7bn takeover of Swedish Match, despite securing slightly less than 90 per cent of backing.

[...] the US company said it had received Swedish Match’s 10 largest shareholders had accepted its bid, meaning that activist investor Elliott Management had likely tendered its shares.

“Our intention is still to take the company entirely private, so it is better for the (Swedish Match) shareholders if they tender their shares,” PMI Chief Executive Jacek Olczak told Reuters.