DS Smith Plc (SMDS) offered concessions to European Union regulators examining its plan to buy Svenska Cellulosa AB (SCAA)’s packaging business for 1.6 billion euros ($2.1 billion) as it vies with Smurfit Kappa Group Plc to become the region’s largest supplier of recycled cartons for consumer goods.
The European Commission extended its deadline to rule on the deal until May 25 to examine the concessions, it said in a filing on its website today. It didn’t specify the offered remedies.
Chief Executive Officer Miles Roberts, who joined DS Smith in May 2010, is buying the SCA unit to gain access to new geographical markets across Europe and “substantially” improve earnings per share, the U.K. company said in January.
DS Smith declined to comment on the concessions. Roberts has said he expects the SCA acquisition to be completed by the end of June.
To contact the reporter on this story: Aoife White in Brussels at email@example.com.
To contact the editor responsible for this story: Anthony Aarons at firstname.lastname@example.org.