Packaging specialist launches rival takeover

Packaging firm DS Smith is to snap up rival Europac in a move that bolsters its business in Western Europe and values its takeover target at £1.7 billion.

The FTSE 100 company, which has operations in Lockerbie and Livingston, said the acquisition - which is offering €16.80 (£14.68) per Europac share - will strengthen its global supply chain and provide an “exceptional” opportunity to scale the busi- ness. The board of Spanishlisted Europac said it sees the buy as “friendly and attractive”, with the deal expected to close during the fourth quarter subject to regulatory approvals. The takeover will require shareholder backing.

Miles Roberts, chief executive of DS Smith, which has about 28,500 staff worldwide, said: “The acquisition of Europac is a very exciting development for DS Smith, strengthening our position as a leading global supplier of sustainable packaging solutions.”