Smurfit Kappa To Pay EUR81 Million In Carton De Colombia Tender Offer

LONDON (Alliance News) - Smurfit Kappa Group PLC on Tuesday said it will pay out approximately ...

Alliance News 11 June, 2019 | 10:15AM
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LONDON (Alliance News) - Smurfit Kappa Group PLC on Tuesday said it will pay out approximately EUR81 million as a result of its tender offer for minority shares in Carton de Colombia SA.

FTSE 100 paper packing company Smurfit launched its tender offer for minority shares in virgin fibre pulp and packaging products firm Carton in March. Valid acceptances have been received with respect to 29.9 million Carton shares, approximately 93% of Carton shares subject to the offer.

Had all minority shared been tendered, Smurfit would have paid around EUR90 million. With 93% acceptance, it will pay approximately EUR81 million, which will be funded through "existing resources".

The tender offer is set to complete this week, at which point Smufit will hold 98% of the shares in Carton, up from 70% prior to the offer.

Shares in Smurfit were flat at 2,286.00 pence on Tuesday morning.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Smurfit Kappa Group PLC 2,602.00 GBX -0.31 -
Smurfit Kappa Group PLC 28.76 EUR -0.83 -
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