International Paper Announces Strategic Entry into India, Agrees to Purchase Shares of Andhra Pradesh Paper Mills
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International%20Paper<%2Fa>%20(NYSE%3A%20IP)%20has%20entered%20into%20agreements%20with%20Mr.%20L.N.%20Bangur,%20and%20related%20family%20members%20and%20affiliates%20to%20purchase%20approximately%2053.5%20percent%20of%20the%20outstanding%20shares%20of%20Andhra%20Pradesh%20Paper%20Mills%20Limited<%2Fa>%20(NSE%3A%20APPAPER%20|%20BSE%3A%20502330)%20for%20approximately%20US$257%20million%20in%20cash.%0D%0A%0D%0Ahttps%3A%2F%2Fwww.bookbusinessmag.com%2Farticle%2Finternational-paper-enter-india-purchase-shares-andhra-pradesh%2F" target="_blank" class="email" data-post-id="5746" type="icon_link">
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(Press Release) MEMPHIS, Tenn., March 29, 2011, PRNewswire—International Paper (NYSE: IP) has entered into agreements with Mr. L.N. Bangur, and related family members and affiliates to purchase approximately 53.5 percent of the outstanding shares of Andhra Pradesh Paper Mills Limited (NSE: APPAPER | BSE: 502330) for approximately US$257 million in cash. In addition, International Paper has agreed to a US$62 million non-compete payment to the sellers.
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