Investing.com -- U.S. firm International Paper is on track to get approval from the European Union (EU) for its acquisition of British competitor DS Smith, according to a Tuesday report by Reuters. The deal, worth 5.8 billion pounds ($7.12 billion), was announced in April of last year.
To secure the EU's approval, International Paper has agreed to sell off certain assets. This move is intended to alleviate any potential competition concerns that could arise from the acquisition.
The acquisition is set to enhance International Paper's presence in the European market, which is currently experiencing a trend of consolidation. This deal is a significant step in this ongoing process. The exact details of the asset sales have not been disclosed.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.