ORG moves step closer to acquiring CPMC Holdings
The holding company behind leading Chinese canmaker ORG Packaging is making progress towards completing pre-conditions in its cash offer to acquire all remaining shares of fellow canmaker CPMC Holdings.
The offer by Huarui Fengquan Development has now cleared major regulatory and shareholder hurdles.
On 11 November, shareholders approved the acquisition and the related financing at a general meeting that could reshape the packaging industry in China.
The acquisition is being managed by China Securities (International) Corporate Finance. The move is set to strengthen ORG’s position in the packaging sector, particularly as it competes with Baosteel Packaging, another major player in the market.
While the latest developments bring the deal closer to completion, Huarui must still secure final approval from the State Administration of Foreign Exchange (SAFE). The company has confirmed it is actively working to meet this remaining condition and plans to provide updates as the process continues.
CPMC, a major canmaker that supplies the food and drinks industry, mainly operates in China but has a presence in Belgium and Hungary.
OFFICIAL ACCOUNTS
Welcome to pay attention to our official public number
ONLINE MESSAGE