The combination between Korsnäs and Billerud to close on 29 November 2012
(Thomson Reuters ONE) -
The relevant competition authorities have now approved the combination between
Korsnäs and Billerud. All relevant conditions have been met and the transaction
is planned to close on 29 November 2012.
As previously announced, Investment AB Kinnevik signed an agreement with
Billerud AB on 19 June 2012 regarding a combination between Korsnäs and
Billerud. The combination was subject to the approval of the shareholders of
Billerud and customary approvals from relevant competition authorities.
The condition regarding shareholder approval was fulfilled following the
Extraordinary General Meeting in Billerud on 14 September. All relevant
competition authorities have now approved the combination. The conditions for
completion of the combination are thus fulfilled.
The European Commission's decision to approve the combination is conditioned
upon the divestiture of a paper machine at the production unit in Gävle (PM2).
The sales of white kraft and sack paper products manufactured at PM2 amounted to
two percent of the new Group's total combined sales volume for the year 2011. In
addition BillerudKorsnäs will for a certain time period following the
divestiture offer to supply certain inputs such as pulp, steam and electricity
to the paper machine.
Kinnevik will receive approximately SEK 2.7 bn in cash consideration and will be
the largest owner in the new company with an ownership stake of 25%, all net
after the planned rights issue in Billerud amounting to SEK 2 bn. After closing,
Kinnevik's net debt will be reduced by approximately SEK 8.4 bn. On 30
September, the Group's net debt was SEK 9.8 bn.
Kinnevik discloses the information provided herein pursuant to the Securities
Market Act (Sw. lagen om värdepappersmarknaden (2007:528)). The information was
submitted for publication on 27 November, 2012 at 19.00 (CET).
For further information, visit www.kinnevik.se or contact:
Torun Litzén, Director, Investor Relations Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83
Kinnevik was founded in 1936 and thus embodies seventy-five years of
entrepreneurship under the same group of principal owners. Kinnevik's objective
is to increase shareholder value, primarily through net asset value growth. The
company's holdings of growth companies are focused around seven comprehensive
business sectors; Telecom & Services, Online, Media, Micro financing, Paper &
Packaging, Agriculture and Renewable energy. Kinnevik has a long history of
investing in emerging markets which has resulted in a considerable exposure to
consumer sectors in these markets. Kinnevik plays an active role on the Boards
of its holdings.
Kinnevik's class A and class B shares are listed on the NASDAQ OMX Stockholm's
list for large cap companies, within the financial and real estate sector. The
ticker codes are KINV A and KINV B.
Press release:
http://hugin.info/1114/R/1660891/537980.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Kinnevik via Thomson Reuters ONE
[HUG#1660891]
Unternehmensinformation / Kurzprofil:
Datum: 27.11.2012 - 19:01 Uhr
Sprache: Deutsch
News-ID 207297
Anzahl Zeichen: 3973
contact information:
Town:
STOCKHOLM
Kategorie:
Business News
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"The combination between Korsnäs and Billerud to close on 29 November 2012"
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