Sappi Maastricht and the Belvédère Wijkontwikkelingsmaatschappij (Neighborhood Development Company, WOM) of the Municipality of Maastricht have signed an agreement that will finalize the sale of the southwestern part of the Maastricht paper mill site to the WOM. The sale and subsequent purchase of this land creates a win-win situation for both parties as well as to the local area and will have no negative impact on employment at the Sappi site. In order to survive in this shrinking market and to guarantee continuity and employment, Sappi Maastricht started three years ago with the transition into luxury packaging board. This activity mainly takes place on the north side of the company site. The southwestern part is therefore less intensively used and was eligible for sale to the WOM. Ferdinand Koster, director of Sappi Maastricht commented: "This sale makes it possible for us to invest in the future of Sappi Maastricht. We will use the resources to improve internal logistics and additionally improve the sustainability of our production processes. "
International Paper Company (NYSE: IP) confirmed today that the company will not make an offer for Smurfit Kappa Group plc (‘Smurfit Kappa’), given the lack of engagement by Smurfit Kappa’s Board of Directors and Management.
In February 2018, International Paper provided representatives of Smurfit Kappa’s Board of Directors with a proposal to acquire the company. Following discussions with shareholders of both companies, IP put forward a revised proposal on March 26, 2018. IP believes the revised proposal was highly attractive and formed a sound basis for engagement, which the company viewed as essential to determining the full value potential of the combination.
“While we continue to believe in the strategic and financial potential of this combination, our commitment was to proceed in a disciplined manner that would create value for both sets of shareholders,” said Mark Sutton, Chairman and CEO of International Paper. “Moving forward, we remain focused on executing our strategy and are excited about our outlook. We have many levers to create shareholder value and will be responsible stewards of our shareholders’ capital,” added Sutton.
As a result of this announcement, International Paper is bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. International Paper reserves the right within the next 12 months to set aside this announcement where so permitted under Rule 2.8 (including Rule 2.8(c)(ii)).