DS Smith £54m sell-off

PACKAGING GIANT DS Smith has sold two businesses for £54m to satisfy takeover conditions.

Firms in France and Portugal were bought by American pulp maker International Paper. The disposals fulfil commitments it made to the european Commission when it took over europac Group in January.

Chief executive Miles roberts said: ‘I am delighted we are on track to meet our commitment to the Commission with an attractive price and a good home for the business.’

DS Smith, which makes packaging for companies such as nestle and diageo, sold its plastic division to US private equity firm olympus Partners last month for almost £450m.