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Monday, 4 June 2018

Mondi in final stages of Suez Bags acquisition

M&A WATCH- Mondi in final stages of Suez Bags acquisition: Mondi Paper Sales has nearly finished its acquisition of a 70.1% stake in Suez Bags in a transaction valued at EGP 300-400 mn, Zaki Hashem law office Senior Partner Yasser Hashem tells Al Masry Al Youm. The transaction received regulatory approval and is awaiting security clearance, he said. Mondi had submitted a mandatory tender offer back in February to acquire 7.7 mn shares in Suez Bags at EGP 26.01 per share, which put the transaction at EGP 199.4 mn. The company had originally acquired stake in Suez Bags from Heidelberg Cement subsidiaries Suez Cement and Tourah Cement in a separate transaction. Zaki Hashem and Partners was tapped as legal counsel. Mondi is also in the process of acquiring 100% of the National Company for Paper Products for USD 28.75 mn (c. EGP 500 mn).

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