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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information was prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups involved:
- Acquirer No. 1: funds managed or advised by “M&G Investment Management Limited”;
- Acquirer No. 2: funds managed or advised by “Arini Capital Management Limited”;
- The target: the company “Reno de Medici S.p.A.”.
Nature of the operation
- Indirect joint control acquisition.
Economic sectors concerned
- Manufacturing and distribution of cardboard.
Deadline for interested third parties to submit their comments
- 10 days from the date of publication of this press release, i.e., September 28, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration operation consisting of the indirect joint control acquisition by funds managed or advised by “M&G Investment Management Limited” and “Arini Capital Management Limited” of the company “Reno de Medici S.p.A.”, through the indirect acquisition of approximately 36.32% and 22.62%, respectively, of its share capital and related voting rights.
“M&G Investment Management Limited” is a limited liability company, subject to the laws of England and Wales, with its registered office in London, United Kingdom. It acts as the manager of the “M&G” funds that will directly acquire the target’s share capital in the context of the Operation. Its indirect parent company, “M&G plc”, is listed on the London Stock Exchange.
“Arini Capital Management Limited” is a limited liability company, subject to the laws of England and Wales, with its registered office in Oxfordshire, United Kingdom. It is a globally significant credit investment company.
“Reno de Medici S.p.A.” is an Italian joint-stock company, with its registered office in Milan, Italy. It is active in the manufacturing, production, and distribution of a wide range of cardboard products made from recycled fibers.
Done in Rabat on September 17, 2026.
