A Philip Morris iQOS smoking device. Picture: REUTERS
A Philip Morris iQOS smoking device. Picture: REUTERS

Bengaluru — Cigarette maker Philip Morris (PMI) says it has received about 75% of Vectura shares from shareholders as part of a public tender offer process to acquire the British company, after a bidding war with Carlyle.

Vectura shareholders had until September 15 to decide whether to tender their shares to PMI, which sought to buy the London-listed asthma drug maker as part of its plan to go “smoke-free” and switch to health care and wellness products.

“We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74% of the company’s shares, in excess of the 50% required to make our offer unconditional and PMI the majority shareholder,” PMI CEO Jacek Olczak said on Thursday.

The company has extended the deadline for the remaining Vectura shareholders to tender their shares to September 30.

PMI has received regulatory clearance for the deal, but health groups are questioning the idea of a tobacco company making money from treating the very illnesses that cigarettes cause.  

Reuters

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