A major deal on the packaging market is almost completed. All the conditions have now been met for DS Smith to acquire its competitor Europac.
DS Smith has announced that the takeover of Europac was expected to be finalised around 22 January. The company reported that following the tender offer made to shareholders of Europac on 3 December, acceptances representing 98.8% of the total share capital of Europac had been received.
DS Smith and Europac had first announced the deal, worth €1.67bn, in June last year. The takeover will help DS Smith to grow its position on the Iberian Peninsula. Europac’s business focus is in Spain, Portugal and France but it is also active in other European countries. In 2017, the Spanish company produced 940,000 tpy of kraftliner and recycled corrugated case materials as well as 360,000 tpy of corrugated packaging and booked sales of €868m.