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Hedge Funds Said to Amass Large Stakes in Swedish Match to Pressure Philip Morris Intl

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Several large hedge funds have taken stakes in Swedish Match (OTCPK:SWMAF) as they try to pressure Philip Morris International (NYSE:PM) to increase its $16 billion offer for the smokeless tobacco company.

Davidson Kempner Capital Management and HBK Capital Management have taken some of the biggest stakes in Swedish Match (OTCPK:SWMAF) and are both nearing the 5% level, according to a Bloomberg report, which cited people familiar. DE Shaw & Farallon Capital Management and Pentwater Capital Management also have taken stakes.

Along with prominent hedge fund and activist investor Elliott Management, which already reported a stake in Swedish Match, the hedge funds collectively own a 25% stake in the smokeless tobacco firm, according to the report. Some funds are said to have written to Philip Morris (PM) to push for a price increase.

Elliott disclosed in late August it had accumulated a 5.25% in the smokeless tobacco company after Bloomberg first reported in early July that Elliott had taken a stake and was against the deal under its original terms.

Bloomberg reported earlier this month that PMI was said to mull lowering the acceptance threshold for the Swedish Match (OTCPK:SWMAY) deal. The maker of Marlboro brand cigarettes’ bid is currently conditioned on getting more than a 90% stake in Swedish Match.

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Source Here: seekingalpha.com

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Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

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Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

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Article: seekingalpha.com

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U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

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The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

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Original Article: seekingalpha.com

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Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

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Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

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Original Source: seekingalpha.com

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