British packaging group DS Smith gained EU antitrust approval on Wednesday, November 14, for its €1.9 billion(US$2.2 billion) purchase of Spanish rival Europac after agreeing to sell production plants in Portugal and France, reported Reuters.
DS Smith announced its biggest-ever acquisition in June to cement its market position in France and make it the number two player in Spain. It is the latest deal in an industry which has seen growing demand from online retailers.
The European Commission stated DS Smith’s offer to sell a Europac production plant in Portugal and two of its own facilities in France addressed its concerns that the deal would reduce competition in corrugated sheets and cases in Portugal and western France.
Full Content: Reuters
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