FT News Briefing Philip Morris battles to buy a medical inhaler company
Aug 11, 2021
US inflation data hints at a slowdown, impacting market sentiments. Meanwhile, Philip Morris is embroiled in a takeover battle for Vectura, a medical inhaler maker, as it seeks to move beyond nicotine products. This move sparks ethical debates, particularly from anti-smoking advocates. Additionally, SoftBank pulls back from Chinese tech investments, wary of regulatory scrutiny, while Japan's political landscape shifts post-Olympics, with Prime Minister Suga facing declining approval ratings.
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UK Private Equity Surge
- The UK sees a surge in private equity, exemplified by the takeover battle for Vectura, a medical inhaler company.
- Carlyle and Philip Morris are competing, highlighting an unusual clash between tobacco and private equity.
Philip Morris's Beyond Nicotine Strategy
- Philip Morris, a tobacco company, aims to expand beyond nicotine products by acquiring Vectura.
- This move raises concerns due to the potential conflict of interest with a company treating smoking-related illnesses.
Carlyle's Ethical Gamble
- Carlyle maintains its final bid for Vectura at 155 pence a share, lower than Philip Morris's offer.
- It hopes to win over shareholders by emphasizing its ethical superiority over a tobacco company.