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Federal Court of Australia approves Spicers sale to Kokusai Pulp & Paper Co

12/07/2019

At a hearing held on 3 July, the Federal Court of Australia approved the ‘scheme of arrangement’ for the sale of Spicer’s entire Australia and New Zealand operations to Japanese global paper giant Kokusai Pulp & Paper Co (KPP).

Spicers (formerly PaperlinX) confirms lodgement of paperwork of the Court’s decision with the Australian Securities and Investments Commission, making the deal legally effective. 

Last month shareholders voted in favour of the deal that was unanimously recommended by the Spicers board.

Spicers applied for its shares to cease trading on the ASX after the close of trading on 4 July.

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