Orora Limited (ASX:ORA) Receives Regulatory Approvals for OPS Sale
Regulatory Approvals Secured
Orora Limited (ASX:ORA) has announced that Veritiv Corporation and Clayton, Dubilier & Rice, LLC have received all necessary regulatory approvals to proceed with the acquisition of Orora Packaging Solutions (OPS). Following this, the transaction is anticipated to be completed in December 2024.
Share Buyback Announcement
Upon completion of the sale, Orora plans to initiate an on-market share buyback, committing up to 10% of its issued shares, amounting to approximately $320 million. An Appendix 3C for this buyback will be submitted to the ASX today.
CEO Comments
This announcement has been authorised by the Board of Directors of Orora. The CEO of Orora has expressed optimism about the transaction, stating, “We are excited to return proceeds to our shareholders, reinforcing our commitment to delivering value.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Orora. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.