The tribunal also said Mondi must not shed jobs in the next three years.
“The tribunal has approved a merger entailing an internal restructure of the Mondi Group (consisting of Mondi Plc and Mondi Ltd). Mondi Plc seeks to acquire the entire share capital of Mondi Ltd,” the tribunal said.
“Once the merger is implemented, Mondi Ltd will be a wholly owned subsidiary of Mondi plc. The merger serves to dismantle the dual-listed company structure of the merging parties.”
Mondi has roots in South Africa, but has evolved to more than 100 sites in more than 30 countries, with 90 percent of its underlying earnings now generated outside of South Africa.