Packaging giant DS Smith has announced that the European Commission has approved its proposal of acquiring Papeles y Cartones de Europa, S.A., or Europac.
Group chief executive Miles Roberts said, “I am delighted that we have received competition clearance from the European Commission. This is an important milestone in our acquisition of Europac.”
As a part of the transaction, the UK-based group has agreed to dispose of two of its packaging businesses, in Western France and Portugal.
According to the company, the financial impact of these disposals is not material.
'A Fantastic Opportunity'
The offer documentation will be sent to the shareholders of Europac soon, and the packaging company expects to complete the acquisition by the end of 2018.
Roberts added, “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,” he said.
In June of this year, DS Smith Plc had offered to buy Europac for €1.9 billion, to strengthen its business in Western Europe.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.