EU sets Jan. 10 deadline for International Paper-DS Smith deal
8:21 am Tuesday, November 26th, 2024
BRUSSELS (Reuters) – U.S.-based International Paper’s 5.8-billion-pound ($7.29 billion) bid for British packaging firm DS Smith will be decided by EU antitrust regulators by Jan. 10, a European Commission filing showed on Tuesday.
The deal, announced in April, would help International Paper expand its European presence at a time of consolidation in the sector. It sought EU approval on Monday.
The Commission, which acts as the EU competition enforcer, can either clear the deal with or without remedies after its preliminary review. It can open a four-month long investigation after the initial phase if it has serious concerns.
The EU executive also examined the deal under its Foreign Subsidies Regulation which allows the Commission to crack down on unfair foreign state support for companies. The deadline for the review was Nov. 21.
($1 = 0.7953 pounds)
(Reporting by Foo Yun Chee)
