Philip Morris delists Vectura following acquisition

Approaches compulsory acquisition threshold

Philip Morris International (PMI) has begun the process of delisting UK inhaler maker Vectura following its acquisition of the $1bn healthcare firm.

The move comes following the receipt of valid acceptances of the offer totalling more than 75% of Vectura voting rights, with 77.57% of voting rights currently acquired by PMI. As such, the tobacco firm started the application to cancel the listing of Vectura shares on the London Stock Exchange and will re-register Vectura as a private limited company. Can a tobacco company ever be ESG friendly? The firm has warned that the delisting and re-registering of the firm as a private limited company will "significantly reduce the liquidity and marketability of any Vectura shares". It adde...