Klöckner Pentaplast drops estimated $400 million IPO

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Plastic films and packaging specialist Klöckner Pentaplast has withdrawn its plans for an initial public offering (IPO) at the New York Stock Exchange (NYSE), according to a report by IPO expert Renaissance Capital.

According to Renaissance Capital, the Luxembourg-based packaging firm announced its withdrawal 14 May.

The company originally filed for an IPO in December 2016 with a proposed deal size of $100 million.

Renaissance Capital, however, said it estimated that the listing could have raised as much as $400m (€338m).

In its withdrawal notice, the company cited its focus "on reorganisation and integration activities related to a recently completed acquisition."

KP acquired UK-based Linpac last year, aafter Linpac failed to attract buyers for its asking price.

Private equity group SVP Global, which owns both KP and Linpac, combined the two entities in April 2017 in a bid to increase its industry influence.

At the time, KP said the takeover would create a rigid and flexible film maker with combined annual revenue of more than $2bn.

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