Marlboro maker Philip Morris International (PMI) is going ahead with its $16bn takeover of Swedish Match despite securing slightly less than the 90% stake it wants, as the US group presses on with its shift away from cigarettes. PMI said on Monday it has secured 82.59% of the Swedish company, short of the 90% level at which it can start a compulsory purchase of remaining shares. The US group, which said previously it could drop its bid if it does not reach that threshold, said it believes that level could ultimately be achieved, and that Swedish Match's 10 largest shareholders have accepted its bid. That would mean activist investor Elliott Management, which built a 10.5% stake in Swedish Match and opposed PMI's offer, has tendered its shares. Elliott declined to comment. "Our intention is still to take the company entirely private, so it is better for the [Swedish Match] shareholders if they tender their shares," PMI CEO Jacek Olczak told Reuters.