Van Leer may acquire Paper Products
By The Mumbai-based Talwar family is in | 17 Mar 1999
The Mumbai-based Talwar family is in negotiations with the Van Leer group of the Netherlands to give the Dutch group a 51 per cent control of Paper Products Ltd. The transaction is likely to take the form of a preferential issue of shares to Van Leer at a price that is over 50 per cent higher than the current market price.
Paper Products is one of the largest packaging companies in India, and caters to major consumer product companies. Its clientele includes Hindustan Lever, Nestle, Britannia, and Smithkline Beecham.
Van Leer has 140 operating companies in 47 countries, and a workforce of over 16,000 worldwide. Its product lines include packaging products for both consumer and industrial products -- including flexible, metallised, and moulded fibre packaging products.
The Talwar group is expected to continue to hold an equity stake in Paper Products after Van Leer takes over.