Smurfit Kappa Aims To See Off International Paper Advance With Reparenco Acquisition
Smurfit Kappa has agreed to buy Dutch paper and recycling firm Reparenco for a fee of around €460 million, the Irish packaging group said on Thursday, in its effort to see off a takeover bid from U.S. rival International Paper (IP).
Smurfit said the acquisition of the privately-owned business accelerated its strategic objectives under a four-year plan laid out in February when it said it would increase investment in its existing businesses by €1.6 billion.
Negotiations to buy the business that generated €41 million of core earnings in the 12 months to April 2018 began on Feb. 1, Smurfit said, before IP made its first approach.
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