25th Jan 2019 08:27
LONDON (Alliance News) - DS Smith PLC said Friday that recently-acquired packaging firm Papeles y Cartones de Europa SA will delist from Spanish stock exchanges by the end of February after it secures the compulsory acquisition of the remaining stake it does not currently hold.
Last Thursday, the FTSE 100-listed DS Smith announced it had received 98.8% acceptances for its proposed acquisition of Papeles y Cartones, known as Europac. DS Smith initially made the approach in June, offering EUR16.80 per share and valuing Europac at EUR1.67 billion.
At the time, DS Smith announced it planned to delist Europac from the Madrid and Barcelona stock exchanges on completion.
On Friday, DS Smith said it had now achieved all the conditions required to buy the remaining 1.2% stake it does not currently own on a compulsory basis. The firm anticipates to complete the compulsory acquisition and delist by the end of February.
Shares in DS Smith were 0.5% higher at 319.10 pence on Friday.
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