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SKG neemt Reparenco over voor ongeveer €460 miljoen

​24 mei 2018


De Nederlandse papierfabriek met een jaarlijkse productie van 675.000 ton papier versterkt SKG's geïntegreerde bedrijf

De aankoop versnelt het behalen van de strategische doelstellingen in SKG's middellangetermijnplan

Smurfit Kappa Group plc (“SKG” of de “Group”), een van 's werelds grootste geïntegreerde producenten van op papier gebaseerde verpakkingen met activiteiten in Europa en Amerika, kondigt met genoegen aan dat het akkoord is gegaan met de acquisitie van Reparenco, een particulier papier- en recyclingbedrijf in Nederland, voor een geldbedrag van ongeveer €460 miljoen (de 'Transactie'), na een concurrentieproces.

Reparenco exploiteert een papierfabriek met twee productiemachines, met een productiecapaciteit van 675.000 ton. Daarnaast recyclet het bedrijf jaarlijks 750.000 ton papier. Reparenco heeft 315 mensen in dienst, bezit €189 miljoen aan bruto-activa en genereerde een EBITDA van €41 miljoen in de 12 maanden voorafgaand aan april 2018, waarin het bedrijf de productie bleef vergroten.

Het bedrijf wordt gewaardeerd met een (pre-synergies) transactie multiple van 6,4x de verwachte €72 miljoen EBITDA van Reparenco over het gehele jaar 2018.

Gezien de strategische fit van Reparenco met SKG's bestaande Europese bedrijven, wordt verwacht dat deze acquisitie in de nabije toekomst aanzienlijke synergieën op een aantal vlakken zal opleveren, waaronder een verhoogde integratie van containerboard en de recyclingactiviteiten in de Group.

De vergoeding wordt gefinancierd uit de bestaande middelen van de Group. Naar verwachting zal de Transactie binnen vier tot zes weken afgerond zijn,  afhankelijk van de gebruikelijke voltooiingsvoorwaarden, evenals aanpassingen en wettelijke goedkeuring.

Belangrijkste punten van de transactie

  • Versnelt het behalen van de strategische doelstellingen in SKG's middellangetermijnplan;
  • Levert vanaf dag 1 EBITDA op zonder startrisico;
  • Acquisitie van een papierfabriek met een capaciteit van 675.000 ton in het hart van SKG's activiteitengebied in Europa;
  • De fabriek heeft twee productiemachines met een capaciteit van 405.000 ton gerecycled containerboard en 270.000 ton grafisch papier (met het potentieel voor conversie naar golfkarton);
  • De fabriek recyclet jaarlijks 750.000 ton papier;
  • Versterkt SKG’s papierintegratie – de Group heeft momenteel een tekort van 700.000 ton gerecycled containerboard in Europa.
 

Smurfit Kappa Group CEO, Tony Smurfit, zei: “We kondigen met genoegen aan akkoord te gaan met de acquisitie van Reparenco. Hiermee besluiten we op succesvolle wijze een proces dat begon op 1 februari dit jaar. De acquisitie van Reparenco is een aanvulling op onze bestaande activiteiten, het versterkt ons geïntegreerd businessmodel en het versnelt een centraal onderdeel van ons middellangetermijnplan.

"Wij heten alle Reparenco-medewerkers hartelijk welkom bij Smurfit Kappa. We geloven dat er een sterke culturele klik is tussen onze bedrijven en dat we samen op korte, middellange en lange termijn waarde zullen genereren voor onze stakeholders.”

Overige informatie (Engels)

This announcement is not intended to, and does not, constitute or form part of (1) an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, (2) the solicitation of an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, or (3) the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

The distribution of this announcement in, into, or from, certain jurisdictions other than Ireland and the United Kingdom may be restricted or affected by the laws of those jurisdictions. Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into, or from any such jurisdiction. Therefore persons who receive this announcement (including without limitation nominees, trustees and custodians) and are subject to the laws of any jurisdiction other than Ireland and the United Kingdom who are not resident in Ireland or the United Kingdom will need to inform themselves about, and observe any applicable restrictions or requirements. Any failure to do so may constitute a violation of the securities laws of any such jurisdiction.

Responsibility Statement

The Directors of Smurfit Kappa accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Citigroup Global Markets Limited (“Citi”), which is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority, is acting as financial adviser exclusively for Smurfit Kappa and no one else in connection with the unsolicited  approach (the "Unsolicited International Paper Approach") from International Paper Company ("International Paper") and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Smurfit Kappa for providing the protections afforded to clients of Citi nor for providing advice in relation to any matter referred to herein.

Davy Corporate Finance ("Davy"), which is authorised and regulated in Ireland by the Central Bank of Ireland, is acting exclusively for Smurfit Kappa and no one else in connection with the Unsolicited International Paper Approach and will not be responsible to anyone other than Smurfit Kappa for providing the protections afforded to clients of Davy, or for providing advice in connection with the matters referred to in this announcement.

Forward-looking Statements

This announcement may include certain "forward looking statements" with respect to the business, strategy and plans of Smurfit Kappa and its expectations relating to Smurfit Kappa's future financial condition and performance. Statements that are not historical facts, including statements about Smurfit Kappa or Smurfit Kappa's belief and expectation, are forward looking statements. Words such as "believes", "anticipates", "estimates", "expects", "intends", "aims", "potential", "will", "would", "could", "considered" and "likely", and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur.

Forward-looking statements only speak as of the date on which they are made, and the events discussed in this announcement may not occur. Subject to compliance with applicable law and regulation, Smurfit Kappa is not under any obligation to update publicly or revise forward looking statements, whether as a result of new information, future events or otherwise.

Rule 8 – Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Smurfit Kappa or International Paper, all "dealings" in any "relevant securities" of Smurfit Kappa or International Paper (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by not later than 3.30 pm (Irish time) in respect of the relevant securities of Smurfit Kappa and 3.30pm (New York time) in respect of the relevant securities of International Paper on the "business day" following the date of the relevant transaction. This requirement will continue until the date on which the “offer period” ends. If two or more persons co-operate on the basis of any agreement, either express or tacit, either oral or written, to acquire an "interest" in "relevant securities" of Smurfit Kappa, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.

Under Rule 8.1 of the Irish Takeover Rules, all dealings in relevant securities of Smurfit Kappa by International Paper, or relevant securities of International Paper by Smurfit Kappa, or by any party acting in concert with either of them must also be disclosed by no later than 12 noon (Irish/UK time) in respect of the relevant securities of Smurfit Kappa and 12 noon (New York time) in respect of the relevant securities of International Paper on the "business day" following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.

If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 (0)1 678 9020; fax number +353 (0)1 678 9289.

Profit Forecast

No statement in this announcement constitutes a profit forecast for any period, nor should any statement be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Smurfit Kappa or International Paper as appropriate. No statement in this announcement constitutes an asset valuation. The statement as to the value of the gross assets of Reparenco is included solely for the purpose of compliance with UK Listing Rule 10.4.1R(2)(d). It is not a statement by Smurfit Kappa of its view of the value of the business and assets of Reparenco.

SKG neemt Reparenco over voor ongeveer €460 miljoen