By Dean Seal
International Paper said it is in exclusive negotiations with Palm Group to divest five corrugated box plants in Europe.
The packaging company said Monday that Palm has made an irrevocable offer to buy three plants in Normandy, France, another in Ovar, Portugal, and a fifth in Bilbao, Spain.
Terms of the offer weren't disclosed.
The parties expect to reach a share-purchase agreement after they complete a required French works council consultation and employee information processes.
The deal is expected to close by the end of the second quarter.
International Paper is pursuing the divestiture to appease the European Commission as it works to secure an acquisition of the British multipackaging business DS Smith.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 14, 2025 07:27 ET (11:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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