Sweden’s SCA (SCAb.ST) has rejected a recent bid for its hygiene arm and an offer last year for its forestry business, Swedish daily Dagens Nyheter reported on Wednesday, citing sources.
SCA shares rose nearly 8 percent on Thursday last week after Dagens Nyheter reported unnamed sources saying a group of private equity firms had bid 200 billion crowns ($22 billion) for its hygiene products arm, a top global producer of diapers and toilet paper.
The newspaper said on Wednesday says the bid, made in March, was for 225 billion Swedish crowns ($25 billion), but was rejected “rather quickly”.
It also said a bid for SCA’s forestry operations last autumn was rejected.
The board of SCA is sticking to its plan of splitting the company later this year into two listed companies, the main hygiene unit, which accounts for the bulk of SCA’s value, and its forestry unit, a source said.
An SCA spokesman declined to comment on the report.