Cascades acquires 9% stake in Reno De Medici from Industria e Innovazione to take sole control of the company.
Montreal-based packaging and tissue paper company Cascades has acquired a 9% stake in the Italian recycled board manufacturer Reno de Medici from Industria e Innovazione. Cascades now holds 217,474,385 common shares of Reno De Medici or 57.6% of the outstanding common shares.
"With the purchase of these shares, we concluded the put and call option agreement entered into with Industria e Innovazione S.p.A. in 2010," stated Mario Plourde, President and Chief Executive Officer of Cascades.
According to Industria e Innovazione, the price paid by Cascades for the 34,241,364 of RDM shares amounts to €14m.