Graphic Packaging has agreed to acquire the European Food Carton Business of Contego for £71m to expand into new end markets.

The UK Office of Fair Trading (OFT is reviewing Graphic Packaging’s £71m anticipated takeover of Contego announced last week.

International Paper has reported a Q2 fall in operating profits due to continued slow growth in North America and uneven global demand but forecasted

Graphic Packaging and RockTenn both saw net incomes fall year-on-year but predicted better times ahead despite tough market conditions.