NEW YORK: Activist investor Elliott Management Corp has decided to back Philip Morris International’s (PMI) $15.7 billion offer for Swedish Match AB, the Financial Times reported on Sunday, citing sources familiar with the matter.

PMI’s offer had received more than 80% shareholder acceptance at the latest count on Friday and more could be processed on Monday, the FT reported.

Under Swedish law, PMI needs 90% of shareholders to agree to the deal to gain full control of Swedish Match.

PMI launched its bid for the maker of tobacco and oral nicotine products at 106 Swedish crowns ($9.73) per share in May before raising the offer to 116 crowns in October after Swedish Match shares consistently traded above the original bid price. PMI, Swedish Match and Elliottt declined to comment.