Last checked at 14 Mar 2019 14:43
Smurfit Kappa Announces Intention to Launch a Tender Offer to Acquire the Minority Shares in Cartón de Colombia S.A.
SKG:ID SKG:LN
Smurfit Kappa Group plc (‘SKG’ or the “Group”), one of the world's largest integrated manufacturers of paper-based packaging products with operations in Europe and the Americas, is pleased to announce that it intends, subject to the approval of the Superintendencia Financiera de Colombia, to launch a tender offer to acquire the minority shares in Cartón de Colombia S.A. ("Cartón") (the "Transaction") for cash. Smurfit Kappa currently holds 69.94% of the shares in Cartón.
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 consideration payable under the Transaction, if all the minority shares are tendered, will amount to approximately EUR €90 million and will be funded from the Group's existing cash resources. It is expected that the Transaction will complete in the second quarter, subject to customary completion conditions and adjustments and regulatory approval.
ENDS
| Contact | ||
| Garrett Quinn Smurfit Kappa Group
T: +353 1 202 7180 E: ir@smurfitkappa.com | Jonathan Neilan/Melanie Farrell FTI Consulting
T: +353 1 765 0800 E: smurfitkappa@fticonsulting.com | |
About Smurfit KappaSmurfit Kappa, a FTSE 100 company, is one of the leading providers of paper-based packaging solutions in the world, with around 46,000 employees in approximately 350 production sites across 35 countries and with revenue of €8.9 billion in 2018. We are located in 23 countries in Europe, and 12 in the Americas. We are the only large-scale pan-regional player in Latin America.
With our pro-active team, we relentlessly use our extensive experience and expertise, supported by our scale, to open up opportunities for our customers. We collaborate with forward-thinking customers by sharing superior product knowledge, market understanding and insights in packaging trends to ensure business success in their markets. We have an unrivalled portfolio of paper-packaging solutions, which is constantly updated with our market-leading innovations. This is enhanced through the benefits of our integration, with optimal paper design, logistics, timeliness of service, and our packaging plants sourcing most of their raw materials from our own paper mills.
Our products, which are 100% renewable and produced sustainably, improve the environmental footprint of our customers.
About CartónCartón produces and sells virgin fibre pulp and packaging products in Colombia. The company also sells corrugated boxes and paper sacks; and printing and writing papers. In addition, it is involved in the recycling of boxes and used papers; reforestation activities; and production and marketing of pine and eucalyptus seedlings. The company is based in Yumbo, Colombia. Shares of Cartón are listed on the Bolsa de Valores de Colombia. Smurfit Kappa currently holds 69.94% of the shares in Cartón.
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