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MADRID, 16 Abr. (EUROPA PRESS) -
The American group International Paper (IP) has reached an agreement to acquire the British packaging company DS Smith for £5.8 billion (€6.79 billion) through a share exchange, as reported by both companies.
The transaction, which could be completed in the fourth quarter of 2024, contemplates the delivery of 0.1285 International Paper shares for each DS Smith share, which values each share of the company that Europac acquired in 2019 at 415 pence.
As a result of the share exchange, upon completion of the merger, International Paper shareholders will control 66.3% of the combined company and DS Smith shareholders will control the remaining 33.7%.
The CEO of the American company, Andrew K. Silvernail, will continue to lead the combined company, while his counterpart at DS Smith, Miles Roberts, will serve as a consultant to help with the integration process.
The combined company will be headquartered in Memphis, Tennessee, and plans to establish a Europe, Middle East and Africa (EMEA) headquarters at DS Smith's current headquarters in London.
International Paper estimates that the combination of both businesses will generate at least $514 million (€483 million) in pre-tax cash synergies on an annual run-rate basis by the end of the fourth year after the closing of the transaction. .
DS Smith's board of directors has announced its intention to unanimously recommend that the company's shareholders vote in favor of the deal and have irrevocably committed to supporting the transaction with their respective stakes in the company, which represent approximately 0.06 % of issued share capital.
Likewise, the board of directors of International Paper has also unanimously approved the operation and will recommend that the company's shareholders vote in favor of the issuance of the new shares necessary to undertake the merger.
"I firmly believe that this strategic combination offers a unique opportunity and a very attractive opportunity to create tremendous value for shareholders," said Andrew K. Silvernail.
For his part, Miles Roberts sees the combination with IP as an attractive opportunity to create a truly international leader in sustainable packaging solutions that is well positioned in attractive and growing markets across Europe and North America.
