Reno De Medici shareholders approve merger with packaging company Cascades

By Lisa Kerner

Charlotte, N.C., Oct. 29 - Reno De Medici SpA shareholders approved the company's merger with Cascades Inc. at a special meeting held on Monday. The transaction is expected to close at the beginning of January, a company news release stated.

The companies announced a signed letter of intent on June 20 in which Cascades SA would reorganize its recycled cartonboard business by contributing it, debt free, to a newly incorporated Italian subsidiary of Cascades SA, which would then be merged into Reno De Medici for some 115.6 million Reno De Medici ordinary shares.

The transaction was previously expected to close by the end of 2007.

Cascades, based in Quebec, produces, transforms and markets packaging and tissue products composed mainly of recycled fibers. Cascades SA is a European division of Cascades Inc.

Reno De Medic, based in Italy, produces, transforms and markets cartonboards.

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