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KapStone gets clearance to acquire US containerboard manufacturer for $1.03bn

KapStone Paper and Packaging has announced that the US Federal Trade Commission (FTC) granted early termination of the waiting period pertaining to the previously announced acquisition of Longview Fibre Paper and Packaging for $1.03bn.

The termination was granted under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).

According to KapStone, the FTC and the Antitrust Division of the US Department of Justice have completed their review of the submissions made by both the parties in accordance with the rules promulgated under the HSR Act.

They have also determined not to take any enforcement action with respect to the proposed transaction during the HSR Act waiting period.

Closing of the acquisition, which is still subject to approval from the Federal Energy Regulatory Commission, is expected to take place in the third quarter of 2013.

In June 2013, KapStone entered into an agreement to acquire the stock of the US-based containerboard manufacturer Longview Fibre Paper and Packaging from Brookfield Capital Partners II.