Mondi terminates $1.17bn Russian plant sale
Mondi
1,492.50p
16:40 25/04/24
UK paper and packaging maker Mondi on Monday said it was terminating a $1.17bn sale of its largest Russian plant to an investment vehicle owned by a Russian billionaire due to a "lack of progress" in getting he required approvals.
FTSE 100
8,078.86
17:14 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
General Industrials
6,780.26
17:09 25/04/24
A deal to sell Mondi Syktyvkar, a pulp, packaging paper and uncoated fine paper mill located in the capital of Russia's Komi Republic to Augment Investments - controlled by Russian billionaire Viktor Kharitonin - was agreed in August last year. Shares in the firm were down 3% in London on the news.
Mondi said it "remained committed to divest the plant and will continue to assess all alternative divestment options".
A deal to sell three of its Russian packaging converting operations to Moscow-based Gotek Group for 1.6 billion roubles agreed in December remained in progress, Mondi said.