Carter Holt Harvey swallows Wadepack

CCH will now move quickly to absorb the company's management, employees and customers into its activities. As outlined in the bidder's statement, shareholders who accepted the offer will receive payment of $2.70 for every Wadepack share.

CHH Pulp, Paper & Packaging chief operating officer Rhys Jones said he was pleased that the sale went through. “We've seen a very positive response from Wadepack shareholders, and one that shows the value of our offer. By bringing Wadepack into the Carter Holt Harvey fold we are creating a new leader in the Australian carton packaging market. Employees of both companies know they will be part of a bigger, stronger packaging company backed by world-class paper operations and better equipped to compete in the Australian market,” says Jones.

Ashod Nassibian will continue in his role as managing director of Wadepack, with CCH indicating that a seamless transition for customers and employees will be pursued. It has also been indicated that Wadepack will operate as a standalone business within the CHH Pulp, Paper and Packaging group.