Brief: Orora Announces Sale Of Its Australasian Fibre Business For A$1,720 Mln

Nippon Paper Industries

10/10/2019 02:14

Oct 10 (Reuters) - Orora Ltd  ORA.AX :
    * ANNOUNCES SALE OF ITS AUSTRALASIAN FIBRE BUSINESS FOR
A$1,720
MILLION
    * ENTERED INTO A BINDING AGREEMENT TO SELL ITS AUSTRALASIAN
FIBRE
BUSINESS TO A WHOLLY OWNED SUBSIDIARY OF NIPPON PAPER INDUSTRIES
    * ESTIMATED NET GAIN AFTER COSTS AND TAX IS A$225 MILLION
DUE TO
SALE
    * INTENDS TO RETURN IN VICINITY OF A$1,200 MILLION, BEING
MAJORITY
OF NET PROCEEDS, TO SHAREHOLDERS
    * EXPECTS TO RECEIVE NET CASH PROCEEDS FROM TRANSACTION OF
A$1,550
MILLION
    * "THERE MAY BE SOME REDUCTION IN ROLES REQUIRED TO SUPPORT
ORORA
GROUP ACTIVITIES GOING FORWARD"
    * TRANSACTION COMPLETION IS EXPECTED TO OCCUR IN EARLY 2020

Source text for Eikon:  ID:nASXMRPYN 
Further company coverage:  ORA.AX 

 ((Reuters.Briefs@thomsonreuters.com;))