Oaktree Capital Management LLC, the majority shareholder of petfood packaging company Nordenia International, has agreed to sell Nordenia to Mondi Group.

The deal, subject to approval of competition authorities, is expected to be completed in the fourth quarter of 2012. After completion of the merger, Nordenia's existing management team will lead the combined Consumer Packaging business unit.

"Our customers are a key focus. We consider the possible merger a very good opportunity to create a leading consumer packaging business and to offer our customers a wider product range and continued excellent service,” said Peter Oswald, CEO, Mondi Europe and International Division, and Ralph Landwehr, CEO, Nordenia.