- Packaging group DS Smith said it had agreed to sell two packaging businesses in France and Portugal to International Paper for €63m.

The sales would fulfil a commitment made to the European Commission to sell assets in order to gain approval for its acquisition of Papeles y Cartones de Europa, known as Europac.

Completion of the sales was subject to customary closing conditions including works council consultation and regulatory approvals and expected to take place in the first half of the company's 2020 financial year.

'I am delighted that we are on track to meet our commitment to the European Commission with both an attractive price and a good home for the businesses in International Paper,' chief executive Miles Roberts said.

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