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City Snapshot: CD&R Morrisons deadline extended as bidding war looms
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Philip Morris and Carlyle lock horns over UK-based Vectura
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Philip Morris ups offer in bidding war for UK inhaler group Vectura
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Lighting up: Philip Morris was known for its Marlboro Man adverts
The boss of tobacco giant Philip Morris International has mounted a staunch defence of its controversial deal to buy a British inhaler company – and pledged to stop selling cigarettes in the UK within the next ten years.
Jacek Olczak said his bid to take over Wiltshire-based Vectura is a crucial part of his plan to become a healthcare and wellness company.
Philip Morris International struck the controversial £1billion deal earlier this month, trumping an offer from US private equity firm Carlyle. But the deal for FTSE 250-listed Vectura, which provides inhaled medicines and asthma treatments, sparked a backlash from healthcare campaigners and politicians.