By 
STOCKHOLM–Swedish Match AB said late Thursday that it recommends shareholders accept Philip Morris International Inc.’s increased offer for the company.
Philip Morris
PM,
-0.04%
last week raised its takeover bid for Swedish Match
SWMA,
+0.04%
in a deal that values the Swedish tobacco company at 176.4 billion Swedish kronor ($16.08 billion).
The U.S. maker of Marlboro cigarettes offered SEK106 a share in May, but came back with an improved bid of SEK116, adding that it won’t be increased further.
Write to Dominic Chopping at dominic.chopping@wsj.com
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