International Paper shareholders give green light for DS Smith takeover

Shareholders of American pulp and paper giant International Paper have given their approval for the £5.8bn takeover of London-listed packaging group DS Smith.

The purchase, which was originally announced in April, was voted on by IP shareholders on Friday, following the requisite approvals of DS Smith shareholders on 7 October.

The green light now paves way for other remaining conditions of the deal to be satisfied or waived, such as relevant regulatory approvals, DS Smith said on Monday.

"The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination," said Andy Silvernail, chair and chief executive of International Paper.

"Bringing the two companies together will create a true global leader of sustainable packaging solutions which will drive significant value for our employees, customers and shareholders."

DS Smith shares were more or less flat at 467.09p by 1108 BST, having jumped by more than 50% since the start of the year.