Market: Packaging Paper & Board
Posted March 15, 2019
Smurfit Kappa Group intends, subject to the approval of the Superintendencia Financiera de Colombia, to launch a tender offer to acquire the minority shares in Cartón de Colombia S.A. ("Cartón") for cash. Smurfit Kappa currently holds 69.94% of the shares in Cartón, as the company says in the press release received by Lesprom Network.
Certain minority shareholders of Cartón, who hold approximately 15.54% of the shares in Cartón have entered agreements with Smurfit Kappa to tender their shares into the transaction once launched.
The consideration payable under the transaction, if all the minority shares are tendered, will amount to approximately Euro 90 million and will be funded from the Group's existing cash resources. It is expected that the transaction will complete in the second quarter, subject to customary completion conditions and adjustments and regulatory approval.
Smurfit Kappa Group plc is one of the world's largest manufacturers of paper-based packaging products, with operations in Europe and the Americas.