DS Smith Completes Final Condition For Europac Acquisition
January 18, 2019
LONDON (From news reports) - DS Smith PLC on Thursday said it had received acceptances for 98.8% of the total share capital of Papeles y Cartones de Europa, SA, known as Europac, satisfying the final condition of the acquisition.
The FTSE 100-listed packaging company now expects completion of the takeover on January 22. On completion, DS Smith plans to delist Europac stock from Madrid and Barcelona.
Chief Executive Officer Miles Roberts said: "I am delighted with the support from Europac shareholders. We look forward to welcoming Europac employees into the DS Smith Group and integrating the businesses to the benefit of all our stakeholders. This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region."
DS Smith announced the proposed acquisition in June. The Spanish packaging business was valued at EUR16.80 per share for a total of EUR1.67 billion.
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