Tobacco company Philip Morris seals £ 1.1 billion acquisition of British inhaler maker Vectura | Philip Morris International

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Tobacco company Philip Morris International (PMI) is controversial £ 1.1bn acquisition of asthma inhaler maker VecturaAfter more than half of the shareholders of the target company have agreed to sell their shares.

PMI said it had bought shares or received approval for the offer, reaching just under 75% of the company, well above the required 50%.

The offer is now “unconditional”. This means that the rest of the shareholders will not be able to prevent it and may be effectively forced to sell.

The acquisition of a respiratory disease specialist by a tobacco company Caused anger in Health charities and public health professionals around the world.

However, Marlboro makers argue that the transition from cigarettes requires a transition to areas such as respiratory medicine, which already have some expertise.

Jacek Olczak, CEO of PMI, said Thursday: To help meet our goal of generating at least $ 1 billion in net revenue from Beyond Nicotine products by 2025. “

Vectura investors were given until September 15 to decide whether to sell to PMI, which claims to have ambitions for a “smokeless” future, but still profit from tobacco Produces three-quarters of.

Under the market rules governing acquisitions, PMI was not allowed to build its shares by buying them from investors in the United States.

However, I was able to buy shares from other international investors and approach the 50% target. In August, it tried to reach 50%, so it raised 29% of its shares.

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At the time the PMI arrives, the passive shareholders have little incentive to withstand, as the PMI dominates the company anyway. PMI said Thursday morning that investors could hold shares until September 30th.

Sarah Woolnough, CEO of Asthma UK and the British Lung Foundation, said: Vectura is currently owned by a tobacco company, which can cause significant problems, including the company being excluded from research and clinical networks. It creates a twisted incentive for PMI to sell more of its harmful products and could benefit again through the treatment of smoking-related illnesses.

“Currently, there is a very real risk that Vectura’s big tobacco deal will lead to the tobacco industry, which will overwhelm UK health policy.”

Tobacco company Philip Morris seals £ 1.1 billion acquisition of British inhaler maker Vectura | Philip Morris International

Source link Tobacco company Philip Morris seals £ 1.1 billion acquisition of British inhaler maker Vectura | Philip Morris International

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