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Provider: Reuters Investment Profile
Provider: Wright Reports

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Billerud AB Announces Update on Merger with Investment Kinnevik AB's Korsnas AB

Tuesday, 27 Nov 2012 01:00pm EST 

Billerud AB announced that the relevant competition authorities have approved the combination between Billerud and Investment Kinnevik AB's Korsnas. All conditions for the combination are consequently fulfilled. Accordingly, completion of the combination is planned to take place on November 29, 2012. As previously announced, Billerud AB entered on June 19, 2012 into an agreement with Investment Kinnevik to combine Billerud and Korsnas AB. The combination was conditional upon, among other conditions, the approval from Billerud's shareholders and approval from relevant competition authorities. The European Commission's decision to approve the combination is conditional upon the divestment of a paper machine located at the production facility in Gavle (PM 2). The sales of white kraft and sack paper products manufactured at PM 2 amounted to approximately 2% of the new Group's total combined sales volume for the year 2011. Furthermore, BillerudKorsnas will for a period of time offer to deliver certain supply inputs such as pulp, steam and electricity to the paper machine. Following completion of the merger, the Board will resolve on, and announce the terms of, a new issue of shares with preferential rights for the shareholders. Further information on the new issue of shares will be available in the prospectus which will be published in connection with the Board's resolution. 

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