NEW DELHI (dpa-AFX) - International Paper (IP) has entered into an agreement with West Coast Paper Mills Limited to sell its controlling interest in International Paper APPM Limited, an India-based paper business. West Coast Paper Mills Limited will launch a tender offer to acquire up to all of the APPM shares owned by public shareholders, which represents 25% of outstanding shares of International Paper APPM.
'As part of our strategic assessment of the IP portfolio, we have decided to exit our position in IP APPM. This decision is a reflection of our continued focus on growing our global packaging and cellulose fibers businesses,' said Mark Sutton, CEO.
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