26th Nov 2018 17:51
LONDON (Alliance News) - DS SMith PLC said Monday the Board of the Spanish Securities Market Commission authorised its proposed acquisition of Papeles y Cartones de Europa SA, better known as Europac.
"I am delighted that we have authorisation from the CNMV. We look forward to completing the formal takeover process and integrating Europac into DS Smith to the benefit of all our stakeholders. This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region," said Chief Executive Officer Miles Roberts.
Back in June, the FTSE 100-listed packaging company agreed to buy Spain-based Europac for GBP1.45 billion. In 2017, Europac delivered revenue of EUR868 million and had recurring earnings before interest, taxes, depreciation, and amortization of EUR147 million.
Shares in DS Smith closed up 1.0% at 347.10 pence each.
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