Sonoco has entered into a put/call agreement with joint venture partner Demolli Industria Cartaria, Italy’s largest manufacturer of paperboard tubes and cores. Demolli will be able to require through a put option arrangement that Sonoco buy the remaining shares in Demolli that it does not currently own at any time through to December, 2006. Sonoco, which currently owns 25 per cent of the Italian company, gains the right to purchase the remaining shares through a call option arrangement at any time after December, 2006, until December, 2009.
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