Australia's Orora records best day ever on sale of Australasian fibre unit

Nippon Paper Industries

10/10/2019 24:28

** Shares of Orora Ltd  ORA.AX  rise as much as 20.2% to
A$3.28; their best ever intra-day pct gain, touching highest
levels since Aug. 5 
    ** Packaging company enters binding agreement to sell
Australasian fibre business to Nippon Paper Industries  3863.T 
for an enterprise value of A$1.72 bln ($1.15 bln)  urn:newsml:reuters.com:*:nL3N26U4FD
    ** Company expects net cash proceeds of about A$1.55 bln
from transaction
    ** Stock is the biggest percentage gainer on the S&P/ASX 200
index  .AXJO 
    ** Stock down 11.1% this year as of last close

($1 = 1.4899 Australian dollars)

 (Reporting by Aman Swami in Bengaluru)
 ((aman.swami@thomsonreuters.com; +918067497198: Aman
Swami|LinkedIn https://www.linkedin.com/in/aman-swami-68842986))