BRUSSELS – U.S.-based International Paper’s (NYSE: IP) 5.8-billion-pound ($7.29 billion) bid for British packaging firm DS Smith will be decided by EU antitrust regulators by January 10, a European Commission filing showed on Tuesday.
The deal, announced in April, would help International Paper expand its European presence at a time of consolidation in the sector. It sought EU approval on Monday.
The Commission, which acts as the EU competition enforcer, can either clear the deal with or without remedies after its preliminary review. It can open a four-month long investigation after the initial phase if it has serious concerns.
The EU executive also examined the deal under its Foreign Subsidies Regulation which allows the Commission to crack down on unfair foreign state support for companies. The deadline for the review was November 21.
($1 = 0.7953 pounds)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
