Australia's Orora tops gains on ASX200 after selling North American packaging arm

Orora

04/09/2024 02:44

(Updates)
    ** Shares of Orora  ORA.AX  soar as much as 10% to A$2.75,
their highest since Feb 19
    ** Stock top gainer on the benchmark ASX200  .AXJO , which
is down 1.7% as of 0132 GMT
    ** Shares post their biggest intraday pct gain since Aug 13
    ** Co says it will sell its North American packaging
business to U.S.-based Veritiv for enterprise value of A$1.78
bln ($1.19 bln)
    ** Co expects the sale to complete in late 2024
    ** Co to used the proceeds to cut debt and put in A$130 mln
for the expansion of its Rocklea cans facility in Queensland
    ** About 19.5 mln shares change hands vs the 30-day avg of
about 8.4 mln shares
    ** Stock had fallen ~3.9% this year as of last close

($1 = 1.4899 Australian dollars)

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