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Philip Morris bets on cigarette alternatives with $16 bln bid for…

By Anna Ringstrom STOCKHOLM, May 11 (Reuters) – Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut the U.S. company’s dependence on cigarettes. In a bet on fast-growing markets for cigarette alternatives, PMI said on Wednesday it was making a cash offer for the Stockholm-based group at 106 crowns per…