Sappi has confirmed that the intended sale of its Maastricht Mill in the Netherlands, its Stockstadt Mill in Germany and its Kirkniemi Mill in Finland to Aurelius Group has not materialised within the agreed timeframe of the contractual agreement.
Sappi received binding offers from several parties for these three mills. Following due process, the board of Sappi agreed to accept the offer from Aurelius Group, a pan-European multi-asset manager group. The transaction was subject to various standard suspensive conditions.
Steve Binnie, CEO, Sappi, commented, “Regretfully, and despite extensive efforts by Sappi to close the transaction the parties could not agree on fulfilling the suspensive conditions. Therefore, the transaction has lapsed. Sappi’s strategic focus remains unchanged. This includes reducing exposure to the graphic paper segment while expanding Sappi’s presence in segments including packaging and speciality papers, pulp and biomaterials.”
Marco Eikelenboom, CEO, Sappi Europe, stated, “Sappi Europe will continue to manage the three mills as part of our overall portfolio, ensuring that they continue delivering value to the region and to the customers they supply.”