Hedge fund Elliott Investment Management has upped its stake in Swedish Match AB to 7.25% and is now the largest single shareholder in the Swedish smokeless tobacco company, according to a report by Bloomberg.

The move comes as Philip Morris International (PMI) is working on completing a deal to acquire the business in a $14 billion deal, down from $16 billion due to a fall in the value of the Swedish krona against the US dollar.

The report cites regulatory filings as revealing that Elliott upped its stake on two consecutive days as a group of large hedge funds are reportedly attempting to pressure PMI into sweetening its offer. Chief executive officer Jacek Olczak has told Reuters that PMI has no plans to revise the deal and that the company's strategy "doesn't Inge" on acquiring Swedish Match.