Provisional results of the joint offer by Saica International B.V., Mondi International S.A. and LR Investments B.V. for La Rochette
06 June, 2002
97.1% of shares tendered
The Conseil des Marchés Financiers (CMF) announced yesterday that, following the closing of the offer by Saica International B.V., Mondi International S.A. and LR Investments B.V., a Dutch company equally controlled by Saica and Mondi, 97.1% of La Rochette's share capital and voting rights, on an undiluted basis, have been tendered (95.1% on a fully diluted basis). Furthermore, 99.5% of La Rochette's 1988/2003 convertible bonds have also been tendered.
Commenting on the provisional results of the offer, Saica and Mondi said, "We are delighted that La Rochette's shareholders have responded positively to our offer. This transaction will allow Saica and Mondi to expand their respective geographical coverage, whilst each La Rochette site will be integrated within an international group, securing the most favourable prospects for growth."
Saica is advised by SG Investment Banking. Mondi is advised by Rothschild & Cie.
Note for Editors:
SAICA (Sociedad Anonima Industrias Celulosa Aragonesa) is a family-owned group whose capital has been held by the founders and their families since its creation in 1943. Saica, whose estimated turnover in 2001 is €€ 921 million, is the Spanish leader in the corrugated packaging sector and fourth in Europe for corrugated packaging paper.
Mondi encompasses the Forest Product activities of Anglo American. Mondi generated a consolidated turnover of US$ 4.2 billion in 2001 and an operating profit of US$ 522 million. Mondi is an international, integrated forest products and packaging group.
Mondi has operations and interests in Europe and South Africa. Mondi's main activities are corrugated packaging, industrial sacks and graphic paper. Mondi has around 115 plants throughout Europe and is operating under the brands of:
- Mondi Packaging for corrugated packaging
- Frantschach for industrial sacks, barrier coated paper and flexible packaging
- Neusiedler for uncoated woodfree paper
Mondi also holds a 50% stake in Aylesford Newsprint.
The offer
On 15th March 2002, Saica and Mondi, through their equally controlled subsidiary LR Investments B.V., launched a joint bid for La Rochette of 12.24 euros per share and 13.47 euros per 4.5% 1988/2003 convertible bond, valuing La Rochette at 317 million euros.
The Board of La Rochette unanimously recommended this offer, considering that it secured long-term employment, protected the company's activities and provided it with attractive growth prospects.
The success of this offer allows Saica to extend its geographical coverage in France, where it operates throughout the country, except for the region north of Paris. At the same time, it enables Mondi to reinforce its position in the UK and Belgium and to expand its presence in the north, south and west of France.
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