Nippon Paper Industries, a Japanese paper manufacturing company, agreed to acquire Orora, a packaging supplier to food, beverage and industrial manufacturers, fiber arm for $1.2bn. "The Nippon Paper offer represents compelling value for shareholders, reflecting a full price for the Australasian Fibre Business which has reached maturity under Orora ownership and which will now benefit from the synergies and other value enhancements available to Nippon Paper as a strategic acquirer. Orora will now focus on its Australasian Beverage and North American businesses which both have a strong long term growth outlook and provide opportunity for superior returns on capital for shareholders,” Orora Chairman Chris Roberts.