The chief executive of Philip Morris International has lashed out at opponents of his widely condemned bid for the British inhaler maker Vectura , accusing them of "settling old scores" against the tobacco industry. Jacek Olczak claimed critics of the £1.1bn takeover, which include the charities Asthma UK and the British Lung Foundation, were "not interested in progress" and seeking to prevent the company moving away from cigarette sales. Writing for The Telegraph (below) he said: "If we allow vocal groups of critics—critics not interested in progress, but rather in settling old scores—to prevail, then we run the risk that efforts around corporate change, sustainable investing, and ESG [environmental, social and governance] all become hollow havens for irrationality." Philip Morris, the maker of Marlboro cigarettes which reported sales of more than $76bn last year, has come under heavy fire over its bid for Vectura . The Wiltshire-based company specialises in inhaled medicines, including for diseases caused by smoking . Mr Olczak insisted PMI was "not surprised" by the strength of scepticism about his plan to make Vectura part of a decisive move away from cigarettes. However, the company has been forced to pursue the takeover via a less advantageous mechanism… Read full this story
- 93,000 accounts compromised in Sony Network attack
- FDA Forcing Tobacco Companies to Disclose Ingredients
- PODCAST Ninja Assassins, E-Mail Hackers and a Digital Media Pile-On
- WEEKLY RECAP Google and Microsoft Take It Outside
- PODCAST For Apple, a Week of Hot Air and Market Share
- Insecurity and the Internet of Things, Part 2: Dangers Lurk
- WEEKLY RECAP IT Managers School Microsoft, Yahoo Explores Options, Androids Debut
- Wolfenstein: The New Order review
- PODCAST The World's Smartest End Table, Smoking Your Phone, Document Standards Gone Wild
Philip Morris chief attacks critics as Vectura bid tests investors have 283 words, post on www.telegraph.co.uk at August 20, 2021. This is cached page on Konitono. If you want remove this page, please contact us.