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Latest news from Packaging Innovations & Empack
Mondi approaches DS Smith over potential €11.7bn merger
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Despite no formal proposal being made, DS Smith announced it had received a highly preliminary expression of interest from Mondi. This precipitated DS Smith’s shares rising by 13%, which brought its market value to £4.49 billion.
Mondi must make a firm offer before 17:00 on 7th March 2024 for the action to go ahead, although this deadline can be extended with the consent of the Takeover Panel.
In a statement, Mondi said: “Mondi believes that a possible all-share combination with DS Smith represents an exciting opportunity to create an industry leader in European paper-based sustainable packaging solutions.”
This news comes after Smurfit Kappa and WestRock agreed to combine their businesses into a $20 billion company in September 2023.
The merger is set to be completed in the second quarter of 2024, subject to customary closing conditions.
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