Sequana and Kokusai Pulp & Paper sign sale agreement on Antalis


Antalis' Q1 results declined against the background of contracting markets and the Covid-19 pandemic.

Sequana, the majority shareholder of paper merchant Antalis, and Japanese paper distiribution group Kokusai Pulp & Paper KPP) signed a purchase agreement on the sale of all of Sequana's shares in Antalis, representing 75,2 per cent of the share capital and 82,5 per cent of the voting rights.

In addition, Antalis and KPP signed an agreement on the terms and conditions of a cash tender offer at a price of €0.73 covering all remaining shares not yet held by KPP at the date of the offer. KPP is to request the implementation of a squeeze-out procedure a the same price.

On 31 March Bpifrance and Antalis had signed a share purchase agreement on Antalis' shares held by Bpifrance, representing 8.5 per cent of the share capital and voting rights of Antalis, at a price of €0.40 per share. This agreement is subject only to the transfer of the Antalis shares held by Sequana to KPP.

Antalis's first quarter results were impacted by the economic crisis driven by the Covid-19 pandemic which started to affect markets in March in all countries and especially in Southern and Western Europe. Asia had been impacted beginning in January, the company says. Sales declined to €481m (Q1 2019: €551.3m). Despite lower supply chain and marketing costs, comparable Ebitda declined to €7.4m (€15.1m).

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