* To buy remaining 34 pct of Mondi Swiecie
* Mondi Swiecie up 3.15 pct, Mondi down
JOHANNESBURG Feb 16 (Reuters) – South African paper
maker Mondi said on Thursday it had made a 1.2 billion
zloty ($373.81 million) all-cash offer for the remaining 34
percent in Warsaw-listed Mondi Swiecie to gain full
control of the maker of container board.
Mondi, which is also listed in London, offered 69
zlotys per share, for the remaining 17 million shares it does
not already own.
That represents a premium of 15.6 percent over the share’s
three-month average price. Mondi Swiecie shares were up 3.15
percent at 72.15 zlotys at 0939 GMT.
The offer is expected to be concluded by mid-April. Mondi
Swiecie would be delisted from the Warsaw stock exchange after
the deal is completed.
Mondi said it would pay for the shares from existing cash
resources and committed bank facilities.
Mondi Swiecie, a leading manufacture of virgin and recycled
container board in Central Eastern Europe, produced 1,333
thousand tonnes of the product at its operations in Swiecie,
Poland, in 2011 and currently employes around 1,020 people.
Mondi was down 1.79 percent at 67 rand by 0942 GMT in
Johannesburg, compared with a 0.75 percent fall in the JSE
All-Share index.
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