Philip Morris International Inc. is in advanced talks to acquire Swedish Match AB, according to people familiar with the matter, in a deal that could be valued at $15 billion or more and bolster the tobacco giant's exposure to the rapidly growing market for smoke-free brands.
The talks between U.S.-based Philip Morris and Stockholm-based Swedish Match could yield a deal as soon as this week, the people said, cautioning that the talks could still fall apart. The potential terms and contours of any deal couldn't be learned.
U.K. Retail Sales Fell Further in April on Price Hike Effects
U.K. retail sales continued to fall in April compared with the same month a year earlier as consumers faced the effect of rising prices, according to the latest British Retail Consortium and KPMG report.
Retail sales fell 1.7% in April on a like-for-like basis, which compared with a 40% rise in April 2021 amid Covid-19 restrictions, the report said.
Yashili Shares Jump on China Mengniu's Plans to Buy Out Danone
Yashili International Holdings Ltd. shares are sharply higher on news that controlling shareholder China Mengniu Dairy Co. intends to raise its stake by acquiring shares held by Danone S.A.
Shares of Yashili, a maker of dairy and nourishment products based in Guangzhou, rose as much as 22% in early trading on Tuesday before paring their gains to 15%, at 1.06 Hong Kong dollars (13 U.S. cents), by midmorning. Shares have now more than doubled this year.
Elon Musk Says His Twitter Plans Align With EU's New Social-Media Rules
Elon Musk said his plans for Twitter Inc. are aligned with new European Union rules aimed at compelling social-media companies to do more to police illegal content, after his initial vision for the platform raised concerns among regulators in Europe.
Mr. Musk made the comments in a video posted Monday to the Twitter account of Europe's commissioner for the internal market, Thierry Breton. Mr. Breton met Mr. Musk during a visit to Austin, Texas, where the two discussed the EU's new Digital Services Act, or DSA, which lawmakers agreed to last month.
A Short Seller Warns Elon Musk's $44 Billion Twitter Deal Faces 'Significant Risk' of Getting Repriced Lower
A prominent short seller said Elon Musk's proposal to buy Twitter Inc. for $44 billion is overpriced and that there is "significant risk" that the deal could get repriced lower.
Mr. Musk has offered to buy Twitter at $54.20 a share and take the social-media company private with the intent to return to the public markets again after a few years. He recently lined up $7 billion in financing to help close the sale.
Write to paul.larkins@dowjones.com
Expected Major Events for Tuesday
04:30/NED: Mar Manufacturing output
04:30/NED: Apr CPI
05:00/FIN: Mar Industrial Production
06:00/NOR: Apr CPI
06:00/NOR: Apr PPI
06:00/ROM: Mar International trade
06:00/DEN: Apr CPI
07:00/CZE: Mar Retail trade
07:00/SVK: Mar Industrial production
07:00/TUR: Mar Employment / Unemployment
07:00/HUN: Apr CPI
07:00/CZE: Apr CPI
07:00/CZE: Mar Import & export price indices
07:00/AUT: Mar Production Index
08:00/BUL: Mar Industrial Production
08:00/ITA: Mar Industrial Production
09:00/LUX: Mar Industrial Production
09:00/CYP: Mar Foreign Trade (provisional)
09:00/GRE: Mar Industrial Production Index
09:00/MLT: Mar International Trade
09:00/GER: May ZEW Indicator of Economic Sentiment
09:00/GRE: Apr CPI
10:00/POR: Mar International trade statistics
10:00/FRA: Mar OECD Composite Leading Indicators
All times in GMT. Powered by Kantar Media and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-10-22 0015ET
