Australia's Orora soars after selling North American packaging arm

Orora

04/09/2024 01:17

** Shares of Orora Ltd  ORA.AX  soar as much as 10% to
A$2.75, their highest since mid February 
    ** The packaging co says it will sell its North American
packaging business to U.S.-based Veritiv for enterprise value of
A$1.78 billion ($1.19 billion)
    ** Co to also put in A$130 million for the expansion of its
Rocklea cans facility in Queensland
    ** Stock has fallen ~3.9% this year as of last close


($1 = 1.4899 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))