European Union has granted its approval for the eight-month old takeover deal of Constantia Packaging by One Equity Partners.
European Union has given its approval for the takeover of Austrian packaging firm Constantia Packaging by One Equity Partners, after eight months of the deal.
A majority of the stake (65.79%) in Constantia Packaging, a publicly listed Austrian holding company, has been purchased by One Equity Partners, which makes private equity investments for JP Morgan Chase.
The European Commission said that the deal did not raise competition concerns and added: “The portfolio of companies controlled by One Equity Partners and JP Morgan Chase are not active in the same markets and there are no significant vertical links with these companies.”
In pursuant to the takeover agreement, Dutch holding company, Constantia Packaging will retain a 25% stake in Constantia Packaging AG. One Equity intends to acquire 75% of the shares of Constantia Packaging AG.
Constantia Packaging AG operates in the aluminium, corrugated board and flexible packaging markets. It produces primary aluminum, semi-finished aluminum products, plastic packaging, corrugated board base paper and corrugated board for the food, beverage, pharmaceutical, automotive and aerospace industries.