TOKYO, Feb 16 (Reuters) - Nippon Paper Group Inc, Japan's second-largest paper maker, plans to acquire Australian Paper for about A$600 million to expand overseas, the Nikkei business daily reported on Monday.
Nippon Paper plans to buy all shares in Australian Paper from parent PaperlinX Ltd by May. It will fund the acquisition with commercial paper and bank loans, the newspaper said.
PaperlinX put the Australian Paper business up for sale last year to beef up its balance sheet. It had valued the business on its books at A$1.1 billion.
(Reporting by Nathan Layne, editing by Martin Golan) Keywords: AUSTRALIAN PAPER NIPPON PAPER/ (nathan.layne@thomsonreuters.com; +81-3-6441-1801; Reuters Messaging: nathan.layne.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Nippon Paper plans to buy all shares in Australian Paper from parent PaperlinX Ltd by May. It will fund the acquisition with commercial paper and bank loans, the newspaper said.
PaperlinX put the Australian Paper business up for sale last year to beef up its balance sheet. It had valued the business on its books at A$1.1 billion.
(Reporting by Nathan Layne, editing by Martin Golan) Keywords: AUSTRALIAN PAPER NIPPON PAPER/ (nathan.layne@thomsonreuters.com; +81-3-6441-1801; Reuters Messaging: nathan.layne.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.