LONDON (dpa-AFX) - Packaging company DS Smith plc (SMDS.L) said Wednesday it is selling two packaging businesses in North Western France and Portugal to International Paper (IP) for 63 million euros, or about 54 million pounds.
The DS Smith also said the proposed sales is in line with the commitment made to the European Commission in relation to the clearance of its acquisition of Europac, which was completed on January 22, 2019.
The completion of the sales of two packaging businesses is subject to customary closing conditions, including works council consultation and regulatory approvals. The deal is expected to close in the first half of FY 19/20.
Miles Roberts, Group Chief Executive, said in a statement, 'I am delighted that we are on track to meet our commitment to the European Commission with both an attractive price and a good home for the businesses in International Paper.'
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