International Paper Container Holdings S.L. completed the acquisition of 43.73% stake in Olmuksa International Paper Sabanci Ambalaj Sanayi ve Ticaret AS from Haci Omer Sabanci Holding AS.
International Paper Container Holdings (Spain) S.L. completed the acquisition of 43.73% stake in Olmuksa International Paper Sabanci Ambalaj Sanayi ve Ticaret AS (IBSE:OLMKS) from Haci Omer Sabanci Holding AS (IBSE:SAHOL) on January 3, 2013. International Paper obtained regulatory approval for the transaction in the fourth quarter of 2012. Upon closing of the transaction, International Paper holds approximately 87.5% stake in Olmuksa. Olmuksa will change its company and brand name as well as its trademarks to remove any reference to Sabanci within six months following the completion of the transaction.
As a result of the change in ownership structure, the composition of the Olmuksa Board of Directors is changed: Jonathan Edward Ernst is being appointed Chairman of the Board while Vincent Bonnot is being appointed Vice Chairman. Mehmet Nurettin Pekarun and Seyfettin Ata Köseoglu are resigning from the Board and are being replaced by Jesus Francisco Boveda Berard and Danny Camiel Marguerite Pieters. Metin Ünlü and Atil Saryal remain Directors of the Board. Signature authorities are being revised as well.