Fineska B.V. cancelled the acquisition of Arjowiggins Papiers Couches/Arjowiggins Creative Papers SAS from Sequana SA.

Fineska B.V. agreed to acquire Arjowiggins Papiers Couches/Arjowiggins Creative Papers SAS from Sequana SA (ENXTPA:SEQ) for €125 million on July 9, 2018. Given Sequana’s debts and other liabilities, net proceeds from the sale should be in the region of €20 million, to be adjusted at completion of the transaction in line with balance sheet items. The businesses to be divested reported sales of €528 million in 2017. The planned sale will be submitted for approval by the national competition authorities in all countries where it is required. The transaction is expected to complete by the end of October 2018. Frederic Cazals of Weil Gotshal & Manges acted as legal advisor to Sequana SA. Fineska B.V. cancelled the acquisition of Arjowiggins Papiers Couches/Arjowiggins Creative Papers SAS from Sequana SA (ENXTPA:SEQ) on December 27, 2018. The sale was cancelled because of unexpected changes in the market conditions over increases in the price of pulp and energy as well as the lack of visibility for FY 2019. Because of this decision, Sequana is reviewing the different strategic options to be implemented.