Jefferson Smurfit Group was expected to receive final bids yesterday for its Scandinavian packaging unit, Smurfit Munksjo, sources close to the situation said.
Three private equity groups were expected to submit bids for the Swedish business which analysts believe could fetch between €400 million and €500 million.
They include a consortium of CVC and Nordic Capital, Electra Partners Europe and Scandinavian buyout firm EQT.
The sale is expected to conclude this year. A Smurfit spokesman declined to comment last night.
Last June, the company, which is now owned by US venture capital group Madison Dearborn, retained UBS Investment Bank to advise on the sale of Munksjo. At the time, Smurfit said it had "commenced a process which may or may not lead to a sale of its Munksjo speciality business".
Smurfit acquired complete control of the Swedish group two years ago, shortly before it was bought by Madison Dearborn in a $3.8 billion (€3 billion) leveraged buyout. The deal left Smurfit saddled with substantial debts and it has since sold off a number of non-core businesses.
Munksjo, which was valued at €240 million following a public offer in 2002, generated net sales for 2003 of 4.4 billion Swedish krona.
