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Court of Appeal confirmes Sequana/BAT decision

12 Feb 2019 − 

Antalis to get new shareholding structure in order to implement its strategic plans

In the ongoing legal dispute between Sequana and British American Tobacco over two dividend payments (BAT), the Court of Appeal in London has upheld the ruling in first instance by the High Court of Justice. The latter had determined that the payment of one dividend of €443 million was legal and ordered Sequana to repay another second dividend of approximately €135 million to BAT. Sequana stated that it is currently evaluating the judgment of the Court of Appeal and intends to appeal before of Britain's Supreme Court.

Sequana emphasized that this decision only concerned itself and that its subsidiaries Arjowiggins and Antalis were not a party to the proceedings.

The dispute originally related to two dividend payments made to Sequana by its subsidiary Windward Prospects (formerly Arjo Wiggins Appleton) in 2008 and 2009. BAT had legally challenged the payment of these dividends because it believed that Windward Prospects, as a result of these payments, was unable to contribute to the cost of the elimination of environmental damage, to which BAT, Windward Prospects and other companies were condemned as a result of an environmental crime in the State of Wisconsin.

 On the occasion of the announcement of its unaudited business results, Sequana's subsidiary Antalis stated that it would commission an investment bank to set up a new shareholding structure in the coming months in the interests of the company, which will enable it to ensure its development and to implement its strategic plans.

This is an excerpt of our report on Sequana and Antalis. Find the full article in EUWID Pulp and Paper issue no 07/2019, which will be available to our e-paper and print subscribers as of 13 February.

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