NEW YORK - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
South Africa's Mondi buys 93 percent of Nordenia for $782 million
JOHANNESBURG (Reuters) - South Africa's Mondi Group (MNDJ.J) plans to buy 93.4 percent of German packaging firm Nordenia International AG, it said on Wednesday, in a $782 million deal that bolsters the paper maker's consumer packaging business.
Under the deal, Mondi will pay 240 million euros ($294.13 million) in cash and take on Nordenia's 398 million euros debt, valuing the whole company at 655 million euros.
Nordenia supplies consumer packaging solutions and hygiene components with 12 facilities located in seven countries across Europe, North America and Asia.
"The acquisition of Nordenia offers Mondi Group a unique opportunity to create a leading consumer packaging business," said David Hathorn, Mondi Group chief executive.
The deal, which is subject to regulatory approvals, is expected to be finalized in the fourth quarter of the year, Mondi said.
Based on Nordenia's full-year earnings before interest, taxes, depreciation and amortization of 99 million euros, the implied enterprise value equates to 6.6 times, Mondi said.
Mondi is also listed in London (MNDI.L).
(Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard)
- Tweet this
- Share this
- Digg this