International Paper shareholders agree to DS Smith mega deal
In a move that will impact the packaging industry, the shareholders meeting at International Paper confirmed its proposed “combination” with DS Smith.
15 Oct 2024 | By Dibyajyoti Sarma
International Paper shareholders approve DS Smith deal (Photo Credit: International Paper)
The outcome of the meeting, held on 11 October, follows the requisite approvals of London-headquartered packaging giant DS Smith’s shareholders, obtained at a meeting held on 7 October.
International Paper will report the final vote results of the special shareholder meeting in a current report on Form 8-K filed with the US Securities and Exchange Commission (SEC). International Paper and DS Smith expect the combination to close late in the fourth quarter of 2024, subject to regulatory clearance and other customary closing conditions.
Andy Silvernail, chairman and CEO of International Paper said, "The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination.
Silvernail added, "Bringing the two companies together will create a true global leader of sustainable packaging solutions which will drive significant value for our employees, customers and shareholders."
The deal is expected to close late in Q4 2024.