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Business

Antalis ends search for shareholder with KPP

Antalis has agreed a new deal with Kokusai Pulp & Paper (KPP) in a move that the firm believes will provide long-term support for future development.

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KPP is to purchase the majority of Antalis’ shares

KPP has agreed to buy the 75.2% share capital and 82.5% voting rights held by Sequana, which is now in liquidation, at €0.10 (£0.08) per share.

The paper distribution group has also agreed to purchase Bpifrance’s 8.5% share capital and voting rights at €0.40 (£0.35) per share, however this is subject to the transfer of shares held by Sequana.

The transfer of shares is subject to the receipt of release of pledges from Bpifrance Participants and Impala Security Solutions on shares currently held by Sequana.

Antalis’ European Works Council and the Supervisory Judge of the Commercial Court of Nanterre which is overseeing the liquidation of Sequana are both expected to give an opinion on the deal before it goes ahead.

A restructuring agreement has also been signed by KPP, Antalis and Antalis’ existing syndicated credit facility leaders and this covers the refinancing of an outstanding facility amount of €100m (£88m) through Mizuho Bank and a ‘write-off’ of the remaining total.

Antalis’ Board of Directors has favourably welcomed KPP’s backing which should enable the company to have a long-term shareholder that will support its future development

Pascal Lebard, chairman of the Board of Antalis says: “Antalis’ Board of Directors has favourably welcomed KPP’s backing which should enable the company to have a long-term shareholder that will support its future development.

“This combination, moreover with a distribution company, puts an end to the search for a new shareholder for Antalis.”

KPP has operations in Japan, Asia and Australia with sales of approximately €3.2bn (£2.8bn) and the new Group formation is expected to achieve an annual turnover of around €5.3bn (£4.6bn) with a total of 3.3 million tons of paper sold.

Public investors currently own the remaining 16.25% of Antalis and shares have risen from €0.39 (£0.34) to €0.70 (£0.62) following the move by KPP.



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