In a surprise announcement this morning, V2 Tobacco announced they had been aquired by Swedish Match AB. V2 Tobacco is a privately held smokeless tobacco company, primarily active in Europe. V2 Tobacco is headquartered in Silkeborg, Denmark.
To snus users around the world, V2 is most famous for their Thunder Snus line of high nicotine snuses.
On the morning of July 2nd 2009 (GMT 1), both Swedish Match AB (SMAB) and Philip Morris International (PMI) had issued press releases confirming that SMAB had agreed to sell their South African operations in the form of Swedish Match South Africa (Proprietary) Limited (SMSA) to Philip Morris International [NYSE/Euronext Paris: PMI] for a purchase price amounting to 1.75 billion ZAR (the South African Rand.)
According to Forex Rates on July 3, 2009 11pm GMT, this would translate into $226,390,500 USD, slightly more than "roughly $222MM most often quoted in the press. Regardless; in either Rand, Dollar, or Krona, not a small chunk of change.
In browsing follow up articles to the Press Release on both the wire services and in other media, I was disappointed to find they provided little more than rehashes of the SMAB and PMI press releases.
The all-important WHY would SMAB sell SMSA, WHY would PMI be interested in buying SMSA, and most importantly to me, HOW does this affect Swedish Snus.....they were never addressed or even speculated on in the canned wire reports. More lazy journalism.
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