DS Smith shareholders approve SCA Packaging acquisition
- Details
- Published on Monday, 06 February 2012 15:39
GLOBAL – The shareholders of UK packaging group DS Smith Plc has approved the company’s proposal to acquire SCA’s packaging operations for EUR1.7 billion.
The decision was reached at a general meeting held on 3 February.
Commenting on meeting’s result Miles Roberts, DS Smith’s group chief executive, said, “I am delighted to be able to announce this overwhelmingly positive result today and I would like to thank our shareholders for their approval of our proposed acquisition of SCA Packaging. The reaction of our staff and customers has been very positive.”
He added, “We continue to focus on integration planning with both teams looking forward to bringing our businesses together. Following completion of the proposed acquisition we will create the leading supplier of recycled packaging for consumer goods in Europe.”
The transaction – which excludes SCA’s two kraftliner mills in Sweden – remains subject, amongst other things, to antitrust clearance from the European Commission.
SCA is still confident that closing will take place during the second quarter of 2012.
DS Smith has also made a formal offer for SCA’s French packaging operations. This process is subject to an information and consultation procedure with the relevant works councils and will be treated separately.
See related story:
