METSA-SERLA BUYS IP'S STAKE IN ZANDERS
Jan 1, 2001 12:00 PM, AMERICAN PRINTER STAFF
Metsa-Serla (Helsinki, Finland), a manufacturer of paper, packaging, pulp and other forest products, announced it will pay approximately $74.5 million for International Paper's (Purchase, NY) 72 percent stake in fine-paper maker Zanders Feinpapiere AG (Bergisch Gladbach, Germany). The purchase price is based on Zanders' entire debt-free enterprise value of $212.3 million.
A Metsa-Serla official said the firm has agreed to purchase all two million shares owned by International Paper, but did not say whether it would buy all outstanding shares. After the acquisition, Metsa-Serla reportedly will have about 23 percent of the European office paper market, 19 percent of the printing paper market and 16 percent of the magazine paper market.
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