EU sets Jan. 10 deadline for International Paper-DS Smith deal
26/11/2024 11:57
BRUSSELS, Nov 26 (Reuters) - U.S.-based International
Paper's IP.N 5.8-billion-pound ($7.29 billion) bid for
British packaging firm DS Smith SMDS.L will be decided by EU
antitrust regulators by Jan. 10, a European Commission filing
showed on Tuesday.
The deal, announced in April, would help International Paper
expand its European presence at a time of consolidation in the
sector. It sought EU approval on Monday.
The Commission, which acts as the EU competition enforcer,
can either clear the deal with or without remedies after its
preliminary review. It can open a four-month long investigation
after the initial phase if it has serious concerns.
The EU executive also examined the deal under its Foreign
Subsidies Regulation which allows the Commission to crack down
on unfair foreign state support for companies. The deadline for
the review was Nov. 21.
($1 = 0.7953 pounds)
(Reporting by Foo Yun Chee)
((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))