International Paper advances with offer to buy DS Smith for 9.1 billion euros
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International Paper has made an offer to buy competitor DS Smith for £7.8 billion (€9.1 billion at current exchange rates). If DS Smith shareholders approve the deal, they will own around a third of the group and International Paper investors will own the rest.
“Combining with DS Smith is a logical next step in International Paper’s strategy to drive sustainable growth by strengthening our global packaging business,” added Mark Sutton, president of International Paper, an American multinational and a leading packaging producer. and paper pulp.
The purchase of all shares by International Paper surpasses an offer from Mondi, a British packaging company, which considered buying DS Smith for more than six billion euros. The battle for DS Smith comes after the industry boomed during the pandemic, when lockdowns led to a surge in parcel deliveries.
Goldman Sachs, Citigroup and JPMorgan are advising DS Smith. The Bank of England acted as financial advisor to International Paper.
International Paper said around 400 jobs at the combined company could be at risk, but added that any redundancies would be subject to prior assessment.
DS Smith purchased the Spanish company Europac in 2019, which owns several industrial units in Portugal.
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