Scandinavian Tobacco Group A/S (CPSE:STG) is looking for acquisitions. Yulia Lyusina, Executive Board Member said, "Transformational are those acquisitions that allow us to significantly improve our position in existing categories or that provide us with access to completely new markets on new categories. And those are usually larger acquisitions, and there are a few truly transformative acquisitions that we can pursue in the next years.

If we talk about bolt-on, those can be viewed in a more pragmatic way. So they are usually somewhat smaller and they allow us to improve our position in a certain market or supplement our portfolio in a certain segment or category and gain some efficiencies. Bolt-on acquisitions are also a little easier to onboard and integrate.

And we see that for us in order to achieve our strategic agenda, we need to do both, transformational and bolt-on acquisitions".