International Paper, a U.S.-based company, has received EU approval for its £5.8 billion ($7.2 billion) acquisition of UK competitor DS Smith by committing to selling assets to alleviate competition concerns. The move is part of International Paper's effort to strengthen its presence in the European paper and packaging industry.
The European Commission stated that the American packaging giant will sell five of its plants in Europe, including three in France, one in Portugal, and one in Spain. Reuters reported that the EU antitrust regulator is expected to conditionally endorse the merger.
DS Smith, known for providing packaging, paper, and recycling services to companies like Amazon and Unilever, operates in over 30 countries.
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