Narrative
Full Description
Project narrative
In July 2017, Anhui Shanying Paper Industry Co., Ltd. (later renamed Shanying International Holdings Co., Ltd.), a Chinese pulp and paper company listed on the Shanghai Stock Exchange, entered into an agreement with Special Situation Venture Partner lll and Petek GmbH to acquire 100% of the shares in Nordic Paper Holding AB — a Sweden-based kraft and greaseproof paper producer — a consideration of for kr2.4 billion SEK ($234.5 million USD; RMB 1.952 billion). Anhui Shanying Paper Industry's Sweden-incorporated subsidiary Goldcup 15172 AB shared the share purchase agreement with Luxembourg Holding Blanc Bleu 5 S. á. rl (HBB) for its 61.2% stake and Germany's Petek Gesellschaft zur Herstellung chemist Produkte mbH for its 38.8% stake. In 2017, the Zhejiang and Stockholm Branches of Bank of China (BOC) issued a €139 million EUR syndicated loan to Ji'an Group Co., Ltd. — a Chinese paper company and a wholly-owned subsidiary of Anhui Shanying Paper Industry Co., Ltd. — to facilitate the acquisition. BOC reportedly completed the syndicated loan nearly a week ahead of schedule. Nordic Paper had three mills in Bäckhammar, Säffle and Åmotfors in Sweden and one mill, Greåker, in Norway. Its headquarters were located in Bäckhammar, Sweden. Nordic Paper delivered papers to customers in over 80 countries. Shanying acquired Nordic Paper to enter the high-end specialty paper market and enhance its overseas market business layout. The acquisition helped allow Shanying Paper transfer excess production capacity overseas. It was reportedly the first cross-border merger & acquisition (M&A) loan in the Chinese domestic paper industry. Nordic Paper was to remain an independent European pulp and paper company with the acquisition and there will be no changes regarding the business or operations at the moment. The acquisition was completed at the end of October 2017. Sutriv Holding AB then became the holding company for Shanying International Holding Co., Ltd.'s shares in Nordic Paper. Nordic Paper reportedly was very profitable for Shayin International. In 2020, Shaying listed Nordic Paper on the Nasdaq Stockholm, selling more 50% of its shares. On March 12, 2024, Shanying International Holdings announced plans to sell some portion of its remaining 48.2% stake in Nordic Paper.
Staff comments
1. The precise commitment date is unknown. For now, AidData has coded July 2017, when the acquisition was signed, as the commitment_date_field and marked the commitment_date_estimated? field as True. 2. The individual contribution from each branch of Bank of China is unspecified. For the time being, AidData assumes that each branch contributed equal shares ($69.5 million).