Quebecor World has announced it has entered in a purchase agreement with Netherlands-based investment group Hombergh/De Pundert Group (HHBV):
“The sale of our European operations is an important step in our restructuring activities that we believe should enable us to exit creditor protection in North America as a stronger player in our industry,” said Jacques Mallette, President and CEO of Quebecor World. “I would like to thank our European customers and employees for their support and assure them that we intend to assist HHBV in ensuring a smooth transition. We also look forward to continue servicing our European customers’ needs in North America and Latin America.”
The agreement was for 133 million euros (about US$206.5 million) with HHBV assuming 65 million euros (US$100.9 million) of debt.
Update 6/23/2008: Quebecor World Receives Court Approval to sell European Operations
Discussion
By James Drillian on May 30, 2008
printweek has talked to RSDB ceo on this who predicts plant closures and job losses across Europe. see www.printweek.com/news/813035/
By John Zarwan on Jun 23, 2008
It's ironic, because it was the failure of the sale of this unit that finally pushed IQW into bankruptcy proceedings.
By Henk Gianotten on Jun 25, 2008
John, the initial price was to high in November 2007. RSDB (RotoSmeets) did not get an approval to buy. You know what happened after that event. The shares dropped and dropped. HHBV now buys RSDB and IQW and is able to merge both operations. For a far lower price. Voila!
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