Merger of Ahlstrom and Munksjö is approved by the European Commission

Ahlstrom Corporation informed that on March 13, 2017  the company’s merger with Munksjö got approved by the European Commission. According to the announcement, the companies received all pre-closing competition approvals required for completing the merger and expect to complete the transaction in the beginning of April 2017.

The companies agreed to distribute funds to their shareholders prior to the completion of the merger in the amount of approximately EUR 23 million each, corresponding to EUR 0.49 per share in Ahlstrom and EUR 0.45 per share in Munksjö. The Boards of Directors of Ahlstrom and Munksjö intend to resolve on the distributions on or about March 16, 2017. If the distributions are resolved upon on March 16, 2017, their record date would be March 20, 2017 and payment date March 27, 2017.

The merger of Ahlstrom and Munksjö is expected to create a global leader in fiber-based solutions with preliminary combined annual net sales of approximately EUR 2.2 billion and adjusted EBITDA of EUR 249 million. The combined company will have approximately 6,200 employees as well as production in 14 countries.

Earlier Ahlstrom Corporation informed that the Finnish Financial Supervisory Authority on March 10, 2017 had approved the supplement to the merger prospectus, which relates to the publication by Ahlstrom of its annual report 2016 on February 23, 2017 and the publication by Munksjö of its annual report 2016 on February 28, 2017.

About Ahlstrom:

The company is a high performance fiber-based materials company. Its materials are used in everyday applications such as filters, medical fabrics, life science and diagnostics, wallcoverings and food packaging. Ahlstrom had around EUR 1.1 billion revenues in 2016, employing around 3200 people in 22 countries worldwide.

About Munksjö Group:

The company is an international specialty paper producer. It manufactures select specialty papers, which are central elements in the design and manufacturing processes. Its product offering includes  decor paper, release paper, electrotechnical paper, abrasive backings, graphic and industrial paper, interleaving paper and other products.

Source: Woodbizforum