Hadera Paper Increases Carmel Stake

Israel's Hadera Paper has increased its stake in Carmel Container Systems to 89%. Hadera, which changed its name in early July from American Israeli Paper Mills, has agreed to pay US$20mn for a 53% stake. The Kraft Group, Israel-based Carmel's primary shareholder, has agreed to sell its 49.5% stake, while the remaining shares will be purchased from various shareholders.

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