Cascades, the Canadian-based packaging provider, has filed a public buyout offer with French market authorities for the remaining shares in its French subsidiary Cascades S.A. that it does not already own.
Cascades, which currently holds, with its subsidiary Cascades Boxboard Group, 12,763,849 shares representing 95.09 per cent of the shares and voting rights of Cascades S.A., plans to acquire all of the outstanding shares of the French subsidiary in a bid to gain outright control.
During the last twelve months, Cascades has purchased 845,211 Cascades S.A. shares. The highest share price for these share purchases was €4 per share. The latest acquisition occurred on 5 April 2002 at a price of €3.75 per share.
Cascades is a leader in the manufacturing of packaging products, tissue paper and specialised fine papers. Internationally, Cascades employs more than 14,000 people and operates close to 160 operating units located in Canada, the United States, Mexico, France, England, Germany and Sweden. Cascades recycles more than two million tons of paper and board annually, supplying the majority of its fibre requirements.