One Equity Completes Constantia Packaging Buyout

VIENNA (Reuters) – Buyout firm One Equity Partners has set the squeeze-out price for the remaining shareholders of Austria’s Constantia Packaging (CVER.VI) at 47 euros per share to conclude its full takeover of the group.

One Equity, JPMorgan Chase’s (JPM.N) buyout arm, has already bought 91.5 percent of the group from key shareholders for an undisclosed price. The squeeze-out bid for the outstanding 8.5 percent is worth 67 million euros ($86.9 million).

Constantia makes raw aluminium used in planes and cars as well as aluminium wraps and cardboard used by foodmakers and pharma companies.

Its main shareholder, a vehicle owned by a wealthy Austrian family, had to sell its stake to fund a settlement of a complex web of legal disputes related to Austrian bank Constantia Privatbank and real estate group Immofinanz (IMFI.VI).

Constantia’s annual general meeting will vote on the squeeze-out in an annual general meeting on Aug. 24. Constantia’s stock was suspended until 0800 GMT. It closed at 42.99 euros on Monday.

(Reporting by Boris Groendahl; Editing by David Cowell)