Nov 03 2008

Sappi/M-real deal approved in EU and US

Published by at 6:28 pm under Companies,More News

The sale on 29/9/2008 by M-Real of its graphic papers business to South African paper manufacturer Sappi for €750 million is subject to the approval of Sappi shareholders and the competition authorities of the EU and the US.

On 31/10/2008 the EU competition authorities approved the transaction. Earlier the US competition authorities approved the transaction. The Sappi extraordinary shareholders’ meeting was held today (outcome not known yet). The sale is expected to be completed after the implementation of the rights offering not later than in the first quarter of 2009.

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