Newspaper article International Herald Tribune

Swedish Tissue Maker Bids for Hong Kong Rival

Newspaper article International Herald Tribune

Swedish Tissue Maker Bids for Hong Kong Rival

Article excerpt

SCA hopes to cash in on rising demand for personal hygiene products in China,

SCA Group, a Swedish tissue and toiletries company, said Monday that it would offer 8.6 billion Hong Kong dollars to acquire the nearly 80 percent of shares in the Chinese tissue maker Vinda International that it does not already own.

SCA, which also bills itself as the largest private owner of forests in Europe, offered to pay the equivalent of $1.1 billion, or 11 Hong Kong dollars a share, for 782 million shares in Vinda. That represents a 38.4 percent premium to the Hong Kong company's most recent share price before the announcement.

SCA already has two seats on the Vinda board and owns a 21.7 percent stake in the company. Vinda, whose sales last year were 6 billion dollars, is one of the biggest manufacturers of toilet paper, tissues and paper towels in Hong Kong and mainland China. Revenue for the company, which also makes diapers and sanitary napkins, has doubled since 2009. …

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