The company, which launched its £1.4bn reverse takeover bid in January, said that it had applied to the European Commission for competition clearance on 28 March and that it expects the sale to be completed by the end of June.

DS Smith said that provided the SCA acquisition bid is successful it expects the business to deliver a return above the group’s pre-tax cost of capital of 10% over the first 12 months of ownership.

The group’s chief executive Miles Roberts said: "We are delighted with the support for the transaction given to us by our shareholders and I am pleased to report that the process towards completion is on track."

DS Smith also announced volume growth in its corrugated packaging business in the statement ahead of its full year results, adding that its performance had been particularly strong in continental Europe.

The group said it is on track to meet its working capital to revenue ratio target of 5% and that its return on average capital employed for the year is expected to be within its target range of 12-15%, up from 11.5% for the financial year 2010/2011.

DS Smith said the impact of volatile paper prices in the second half of the financial year has been mitigated by the improved performance in its corrugated packaging business. It said its plastic packaging business, and particularly its liquid packaging and dispensing, had also enjoyed strong growth.

Over the past year the DS Smith also sold its wholesale office stationery business Spicers to Unipapel for £200m as part of its strategy to focus on recycled packaging.