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STOCKHOLM, Nov 28 (Reuters) - Philip Morris International (PMI) said on Monday it now owned a big enough stake in Swedish Match to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market.
Marlboro maker PMI in May launched a $16 billion takeover bid for the Swedish tobacco and nicotine products company.
"We are delighted to have obtained over 90% ownership of Swedish Match, allowing us to initiate a minority redemption process to acquire the remaining shares outstanding and request the delisting of the company from the stock market,” PMI Chief Executive said in a statement.
"This transaction marks a major milestone in accelerating our shared objective of a smoke-free future," he said. (Reporting by Marie Mannes and Anna Ringstrom, editing by Essi Lehto)