Smurfit Kappa To Take Full Control Of Cartón de Colombia
Packaging firm Smurfit Kappa has announced that it plans to launch a tender offer to acquire the minority shares in Cartón de Colombia S.A., a producer of virgin finer pulps and packaging products in the South American country.
Smurfit Kappa currently holds 69.94% of the shares in Cartón de Colombia.
'Certain minority shareholders of Cartón, who hold approximately 15.54% of the shares in Cartón have entered agreements with Smurfit Kappa to tender their shares into the Transaction once launched,' the packaging firm said in a statement.
If all minority shares are tendered, the transaction will amount to approximately €90 million, which will be funded from the group's existing cash resources, Smurfit Kappa said.
The transaction is expected to complete in the second quarter, subject to completion conditions and regulatory approval.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.