Australia's Orora to sell fibre business to Nippon Paper for $1.2 bln

Nippon Paper Industries

09/10/2019 23:24

Oct 10 (Reuters) - Packaging company Orora Ltd  ORA.AX  on
Thursday said it will sell its Australasian fibre business to
Nippon Paper Industries  3863.T  for an enterprise value of
A$1.72 billion ($1.16 billion).
    The company said it expects net cash proceeds from the deal
of about A$1.55 billion, of which it intends to return about
A$1.20 billion to shareholders. 

($1 = 1.4868 Australian dollars)

 (Reporting by Ambar Warrick in Bengaluru, Editing by Rosalba
O'Brien)
 ((Ambar.Warrick@thomsonreuters.com; +91-80-6749-6625; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net))