DS Smith confirms completion of SCA deal

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The recycled packaging firm, DS Smith, says it has cleared all the hurdles needed to complete its reverse takeover of Swedish giant SCA Packaging.

SCA is by some measures Europe's second largest packaging company and the deal is expected to cost FTSE 250 player DS Smith a cool €1.7bn.

To get the deal done the company had to negotiate with both the European Union Commission and French work councils but both have been brought on side.

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Since the original bid was announced in January of this year DS Smith's share price has dropped 31%. Nevertheless, the transaction will now complete on June 30th.

BS