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Cascades to acquire majority stake in Italy’s Reno De Medici

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Cascades to acquire majority stake in Italy’s Reno De Medici

May 07, 2013 - 22:14

BRUSSELS, May 8, 2013 (PPI Europe) -Cascades will acquire an additional 9.07% share in Italian recycled board manufacturer Reno de Medici (RDM) from the financial investment firm Industria e Innovazione. The deal would give Cascades a controlling stake of 57.57% in RDM.

According to Industria e Innovazione's 2012 financial results report, the firm will exercise its put option and sell its shares to Cascades at the price of Euro 0.41 per share or a total of approximately Euro 14 million.

The deal is still subject to the approval of competition authorities, notably the German competition authority, the Bundeskartellamt. A decision is expected by the end of May.

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