STOCKHOLM (Reuters) -Philip Morris International Inc has agreed to buy tobacco and nicotine products maker Swedish Match in a $16 billion deal that aims to cut the U.S. company's dependence on cigarettes.

World shares turned lower on Wednesday and bond yields shot up after U.S. data showed inflation there slowed down less than expected last month, cementing expectations of aggressive rate hikes by the Federal Reserve.

BOSTON (Reuters) -Kohl's Corp investors on Wednesday rejected all of activist Macellum Advisors' director nominees in one of the year's most hotly contested boardroom battles that occurred as the company began trying to sell itself.

German trade union Verdi said on Wednesday it had terminated the collective pay agreement for ground staff at the country's flag carrier Lufthansa from June 30, citing high energy prices and an overall increase in costs of living.

MILAN (Reuters) -Mediobanca on Wednesday ruled out the prospect of a wealth management acquisition in the immediate future, after reporting higher than expected quarterly results thanks to contributions from all its business segments.

Alstom's shares slipped sharply on Wednesday, erasing earlier strong gains as the French train maker's comments on cash flow generation and guidance divided the market.