Philip Morris Raises Vectura Stake to 29.16%; Doesn't Plan Further Purchases

By Adria Calatayud

Philip Morris International Inc. said Thursday that it has raised its stake in Vectura Group PLC to 29.16% after buying shares worth 64.8 million pounds ($89.1 million), but that it doesn't currently plan to make further purchases.

The U.S. tobacco company said it acquired 39.3 million Vectura shares at 165 pence each, taking its total holding to 174.8 million.

On Wednesday, Philip Morris said it had taken a 22.61% stake in Vectura through market purchases and that it would make further share acquisitions in the market.

U.K. inhaled-medicines company Vectura last week said that its directors planned to unanimously recommend to shareholders a takeover offer from Philip Morris that valued it at 165 pence a share. Earlier this month, Carlyle Group Inc. had made a rival bid for Vectura of 155 pence a share, which it declared its final offer.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

08-19-21 0442ET