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Company explores potential €11.7bn merger.
Mondi thinks that a possible all share merger with DS Smith represents a thrilling opportunity to create an industry leader in European paper-based sustainable packaging solutions:
- well placed to benefit from structural growth trends in sustainable packaging;
- benefitting from improved vertical integration, bringing with it a balanced paper position, greater earnings stability through the cycle and enhanced security of paper supply, for the benefit of both shareholders and customers;
- benefitting from significant synergies as a result of vertical integration alongside highly complementary positions and expertise in containerboard, corrugated solutions and flexible packaging, in addition to expected benefits from economies of scale and efficiencies across a combined supply chain and administration.
Mondi’s strategy is to deliver value enhancing growth and, as mentioned above, adopts a disciplined approach to acquisitions and investment within its capital allocation framework.
Any transaction with DS Smith would be evaluated against this framework. Mondi remains committed to maintaining a strong and stable financial position supported by a solid investment grade credit rating and a dividend policy aimed at offering shareholders long-term dividend growth within the context of its stated cover policy.
In line with Rule 2.6(a) of the Code, Mondi is obliged, by no later than 5.00 p.m. on 7 March 2024, to either announce a definite intention to make an offer for DS Smith in line with Rule 2.7 of the Code or announce that it does not intend to make an offer for DS Smith, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the permission of the Takeover Panel in line with Rule 2.6(c) of the Code. For the purposes of Rule 2.5(a) of the Code, Mondi reserves the right to change the form and mix of the consideration and/or introduce other forms of consideration.
corruga.expert
