SCA Accepts DS Smith Offer for Packaging Operations in France
April 25, 2012 - SCA said that it has accepted DS Smith's formal offer to acquire SCA's packaging operations in France following consultations with appropriate works councils. As a result, a sale and purchase agreement has been signed by both parties.
On January 17 of this year, SCA announced that its packaging operations — excluding the two kraftliner mills in Sweden — would be sold to DS Smith. The agreed purchase price is EUR 1.7 billion on a debt free basis.
As for French part of SCA's packaging operations, the price for which is included in the announced purchase price, DS Smith had made a formal offer to acquire also those operations. This acquisition was subject to consultation with the French works councils and has been managed separately.
"After the consultation with the French works councils has been completed, SCA has accepted DS Smith's formal offer, and as a result, a sale and purchase agreement for the French operations has now been signed," SCA said in a statement.
SCA expects the deal to close in the second quarter of 2012.
See related story:
SCA Divests Its Packaging Operations to DS Smith for EUR 1.7 Billion (1/17/2012)