Transcontinental Inc to buy the U.S. packaging business of Coveris


Transcontinental Inc said it would buy the U.S. packaging business of Coveris Holdings S.A. for $1.32 billion (C$1.70 billion) as the Canadian publisher looks to join other top North American companies in the flexible packaging space.

The deal almost matched Transcontinental’s $1.52 billion market value as of Thursday’s close and sent its shares up as much as 16 percent to a near 5-month high of C$29.49 on Monday.

The plastics and packaging industry has been consolidating rapidly to cash in on the rising demand from ecommerce businesses, food and meat producers and automotive sector.


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