Mondi has acquired the remaining shares in the Polish subsidiary Mondi Swiecie. The group is now ready to delist the company from the Warsaw Stock Exchange.
The Mondi Group has become full owner of Mondi Swiecie. The group said it acquired the remaining 3,407,257 shares in the Polish packaging paper producer it did not already own on 18 May and thus completed the acquisition of the 34 % stake in the company. Mondi also said it had now commenced the procedure to delist Mondi Swiecie from the Warsaw Stock Exchange.
Mondi posted the transaction value for the 3,407,257 shares at PLN245m (€59m). Altogether, the group reportedly paid PLN1.2bn (€294m) for the remaining 34 % stake in Mondi Swiecie.
On 16 February, Mondi made an offer to acquire the remaining shares in Mondi Swiecie it did not already own. Mondi's stake in the Polish containerboard producer previously amounted to 66 %. After having raised its offer from PLN69 (€16.62) to PLN72 (€17.34) per share, the company was able to take over 93 % of the shares in a first step in April.
The six paper machines installed in Swiecie produce more than 1.3 million t of corrugated case material and kraft sack paper annually. Moreover, the Swiecie factory produces corrugated board products and industrial sacks. In addition to paper and packaging production, the company is active in the collection and recycling of recovered paper through its subsidiaries Swiecie Recycling and Polski System Recyklingu Organizacja Odzysku. Mondi Swiecie has about 1,020 employees.
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