15th Dec 2015 11:15
LONDON (Alliance News) - Anglo-South African packaging company Mondi PLC on Tuesday said it and Finnish laminates and packaging company Walki Group have terminated their planned deal for Mondi to acquire two of Walki's extrusion coating plans.
The pair struck a deal in May for Mondi to buy two plants from Walki in Finland and Poland for EUR60.0 million in cash. Extrusion coating is the coating of a molten web of synthetic resin onto a substrate material. It is a versatile coating technique used for the economic application of various plastics.
The two have been in talks with the European Commission on how to alleviate competition concerns around the deal but have not been able to find a workable remedy.
As a result, the pair have withdrawn their application to the Commission and terminated the deal.
Mondi shares were up 3.1% to 1,315.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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