SMDS Smith (ds) Plc

TIDMSMDS

RNS Number : 3723H

Smith (DS) PLC

14 November 2018

14 November 2018

DS Smith-European Commission clearance

DS Smith is pleased to note that the European Commission has today cleared its proposed acquisition of Papeles y Cartones de Europa, S.A., known as Europac.

As part of the transaction clearance DS Smith has agreed with the Commission the disposal of two packaging businesses in Western France and Portugal. The financial impact of these disposals is not material.

Following the clearance, DS Smith anticipates the offer documentation being posted to shareholders of Europac shortly and expects to complete the acquisition by the end of 2018.

Miles Roberts, Group Chief Executive, said:

"I am delighted that we have received competition clearance from the European Commission. This is an important milestone in our acquisition of Europac. We look forward to completing the formal takeover process and integrating Europac into DS Smith to the benefit of all our stakeholders. This acquisition is a fantastic opportunity to enhance our customer coverage and offering in this important region."

DS Smith announced the proposed acquisition of Europac in June. It is a highly complementary, vertically integrated packaging business based in Spain with a diversified customer portfolio and strong customer relationships. In 2017 Europac delivered revenues of EUR868 million and had recurring EBITDA of EUR147 million. In the first nine months of this year, recurring EBITDA was EUR157 million and net profit was at EUR79 million, compared to EUR104 million and EUR58 million posted in the same period of 2017.

Enquiries

   DS Smith Plc                                                      +44 (0)20 7756 1800 

Investors

Hugo Fisher, Group Communications Director

Rachel Stevens, Investor Relations Director

Media

Greg Dawson, Group Corporate Affairs Director

   Brunswick                                                          +44 (0)20 7404 5959 

Simon Sporborg

Dan Roberts

Christina Clark

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCFFDFLLFASEDF

(END) Dow Jones Newswires

November 14, 2018 09:35 ET (14:35 GMT)

Smith (ds) (LSE:SMDS)
Historical Stock Chart
From Apr 2024 to May 2024

Smith (ds) (LSE:SMDS)
Historical Stock Chart
From May 2023 to May 2024