BSC fails in takeover bid for Promis
Despite a letter of intent BSC Drukarnia Opakowan and Promis had signed last year, the companies could not agree on key terms of the transaction. BSC looking for alternative ways to enter the market in Russia.
Polish folding boxes manufacturer BSC Drukarnia Opakowan will not acquire a majority stake in the packaging company Promis JSC. According to BSC, the deal to buy a 74.25% interest in the Russian manufacturer of folding cartons and leaflets for the pharmaceutical industry has failed at the end of February. BSC and Promis had already signed a letter of intent in October last year. However, the parties could not agree on some key terms of the transaction, especially on the restructuring of Promis, BSC was insisting on. The takeover deal was valued at €8m.
BSC, a subsidary of the German rlc packaging group, is still interested in entering the Russian packaging market. The company does not rule out the possibility of another acquisition in Russia.