International Paper to win EU approval for $7.1 bln DS Smith deal
21/01/2025 14:33
(Adds the European Commission, International Paper, DS Smith
decline to comment, details)
By Foo Yun Chee
BRUSSELS, Jan 21 (Reuters) - U.S.-based International
Paper IP.N is set to get EU approval for its 5.8 billion pound
($7.12 billion) purchase of UK rival DS Smith SMDS.L after
agreeing to sell assets to address competition concerns, people
with direct knowledge of the matter said on Tuesday.
The deal announced last April will boost International
Paper's European presence in the paper and packaging sector that
is going through consolidation.
The European Commission, which is scheduled to decide on the
deal by Jan. 24, declined to comment. Both International Paper
and DS Smith also declined to comment.
The sources declined to comment on details of the asset
sales.
DS Smith, which operates in more than 30 countries, provides
packaging, paper and recycling services to companies including
Amazon AMZN.O and Unilever ULVR.L .
Irish packaging company Smurfit Kappa SKG.I closed its
acquisition of U.S. rival WestRock WRK.N in an $11 billion
deal last year.
($1 = 0.8147 pounds)
(Reporting by Foo Yun Chee
Editing by David Goodman and Barbara Lewis)
((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))