Memphis, Tennessee based International Paper announced that the European Commission issued its Phase I clearance of its combination with DS Smith on January 24. The clearance is conditional on International Paper entering into commitments to divest its box plants located in Mortagne, Saint-Amand, and Cabourg (France), Ovar (Portugal) and Bilbao (Spain). Completion of the divestment is not a condition to the completion of the combination.
“While we would have preferred to keep the selected locations as part of our portfolio, these are attractive sites and we are confident we will find a suitable buyer. We are very pleased to have reached this important milestone in our acquisition of DS Smith. This combination will create a global leader in sustainable packaging solutions, focused on the attractive and growing North American and EMEA regions,” said Andrew Silvernail, CEO of International Paper. The scheme was expected to become effective on January 31.
On April 16, 2024, the boards of International Paper and DS Smith announced that they had reached agreement on the terms of a recommended all-share combination to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The scheme document in connection with the scheme was published and sent by DS Smith to DS Smith shareholders on September 11, 2024. The scheme was approved by the requisite majority of DS Smith shareholders on October 7, 2024.
DS Smith shareholders shall receive New International Paper shares which will rank equally in all respects with International Paper shares including the right to receive and retain, in full, dividends and other distributions declared, made or paid by International Paper.
https://boardconvertingnews.com/eu-approves-intl-paper-combination-with-ds-smith/
Comments are closed.