Duropack is only one step away from becoming full owner of containerboard and packaging company Belišće. The company intends to acquire the remaining 5% in the Croatian manufacturer via a squeeze-out.
Vienna-based Duropack is planning to acquire 100% of its Croatian subsidiary Belišće, in which it already holds a majority stake. An annual meeting at Belišće has been scheduled for 28 August, which will decide on the sale of the remaining 5% stake in Belišće not yet owned by Duropack. The Austrian company said it would offer HRK478.00 (€62.62) for each ordinary share to minority shareholders.
In the last transaction in November 2011, Duropack increased its stake in the company to 95.73%. This enables Duropack to purchase the rest of the shares via a squeeze-out. The company is also considering delisting Belišće shares from the stock exchange.
Duropack first acquired Belišće shares in 2008 and has gradually stepped up its stake in the company since then. In a transaction in 2010, the Austrian company said it aimed to fully take over the Croatian containerboard and packaging manufacturer.
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