UK-listed paper giant Mondi has agreed in principle to buy smaller rival DS Smith for £5.14bn (about R123.7bn) in an all-share offer that would create a paper and packaging giant worth more than £10bn.

DS Smith, which is also listed on the London Stock Exchange (LSE), operates in more than 34 countries and is a leader in recyclable packaging and paper corrugated cardboard boxes, cardboard made of multiple layers. Mondi operates in more than 30 countries, and has a secondary listing on the JSE where it is valued at about R143bn. ..

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