Philip Morris International in Talks to Buy European Smokeless-Tobacco Rival

Philip Morris International is in advanced talks to acquire Swedish Match according to people familiar with the matter, in a deal that could be valued at roughly $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.