Reuters: Regulatory News: DS Smith wins EU clearance for SCA unit buy

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DS Smith wins EU clearance for SCA unit buy May 25th 2012, 09:45 BRUSSELS | Fri May 25, 2012 5:45am EDT BRUSSELS May 25 (Reuters) - British packaging company DS Smith won EU regulatory approval on Friday to buy the recycled packaging operations of Svenska Cellulosa Aktiebolaget (SCA) for 1.6 billion euros ($2.01 billion), after agreeing to sell three facilities. DS Smith unveiled the deal in January, saying the takeover would give it a footprint across northern Europe and the Nordic area, where its main consumer goods customers such as Nestle , Kraft and Unilever already operate. DS Smith will sell a number of production plants in Britain and France to address regulatory concerns that the deal may hurt rivals in those countries, the European Commission said in a statement. "The commitments offered by the merging parties ensure that (corrugated packaging) will continue to be available at cost-effective prices in the internal market," EU Competition Commissioner Joaquín Almunia said.

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