(Bloomberg) -- Philip Morris International Inc. extended its $16 billion takeover bid for Swedish Match AB to Oct. 21 because it doesn’t expect the European Commission to rule on the deal in time. 

The Marlboro maker said discussions with the authorities in Brussels indicated they won’t complete a review of the proposed deal before Sept. 30, when the bid was due to expire.

Philip Morris, in a statement, said its “assessment is that the process with the European Commission will instead be completed during October 2022.” 

If successful, combining with Swedish Match would boost Philip Morris’s position in smokeless products and push it into competition with Altria Group Inc. in the US.

Other than the acceptance period, the terms and conditions of the offer remain unchanged, Philip Morris said.

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