Relevant competition authorities have approved the combination between
Billerud (STO:BILL) and Korsnäs. All conditions for the combination are
consequently fulfilled. Accordingly, completion of the combination is
planned to take place on 29 November 2012.
As previously announced, Billerud AB (publ) has on 19 June 2012 entered
into an agreement with Investment AB Kinnevik to combine Billerud and
Korsnäs AB. The combination was conditional upon, among other
conditions, the approval from Billerud's shareholders and approval from
relevant competition authorities.
The condition regarding approval from the shareholders was fulfilled at
the extraordinary general meeting that was held on 14 September 2012. In
addition, all relevant competition authorities have now approved the
combination. Accordingly, the conditions for the combination are
"As a result of the combination with Korsnäs, we will become a leading
player in the packaging paper business with a strengthened offer and a
strong platform for future growth. The new company BillerudKorsnäs will
be able to offer customers a better and wider range of products and
solution. We will now, with full force, work with the integration and
create a world leading company ", says Per Lindberg, President and CEO
The European Commission's decision to approve the combination is
conditional upon the divestment of a paper machine located at the
production facility in Gävle (PM 2). The sales of white kraft and sack
paper products manufactured at PM 2 amounted to approximately 2 percent
of the new Group's total combined sales volume for the year 2011.
Furthermore, BillerudKorsnäs will for a period of time offer to deliver
certain supply inputs such as pulp, steam and electricity to the paper
"The condition for the European Commission's decision concerns a limited
part of the new group's business operations and does not have a
significant impact on the business logic or the expected synergies of
the combination" says Per Lindberg, President and CEO of Billerud.
Completion of the combination is planned to take place on 29 November
2012 and the Board will, in immediate connection with it, making use of
the authorisation granted to the Board from the extraordinary general
meeting, 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.
The information is such that Billerud Aktiebolag (publ) is required to
disclose pursuant to the Swedish Securities Markets Act. The information
was submitted for publication on 27 November 2012, 19.00 CET.
Billerud – "The Natural Part in Smarter Packaging”. Packaging
manufacturers and brand owners are offered added value in the form of
brand-strengthening, productivity-boosting and environment-enhancing
packaging solutions. Billerud has a world-leading market position within
primary fibre-based packaging paper. Billerud has annual sales of around
SEK 11 billion and is listed on NASDAQ OMX Stockholm. www.billerud.com
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