Apollo to buy 67% stake in Italian packaging firm Reno De Medici for US$430m

ITALY –  Apollo Global Management, a US-based investment fund, has agreed to acquire a 67% ownership stake in Reno De Medici (RDM) from its two principal shareholders, Cascades and Caisse de dépot et placement du Québec.   Apollo which made the acquisition for about US$430 million plans to launch a mandatory tender offer for the remaining shares, with the aim of delisting RDM.  RDM produces and distributes cardboard made from recycled fibers, which is mainly used for packaging and folding cartons in all product sectors including food.  The company recently purchased mills in Spain and entered into an agreement…

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