SANTIAGO (From news reports) - Chilean packaging and sanitary products manufacturer CMPC agreed to buy Mexican tissue firm Grupo P.I. Mabe for $293 million, according to a filing to the stock exchange.

CMPC said it expects to complete the transaction in the next six months.

Grupo P.I. Mabe has an industrial plant in the city of Puebla with 26 lines dedicated to the manufacture of baby and adult diapers, as well as feminine care products, marketed through brands such as BBTips, Chicolastic, Kiddies and BioBaby, according to the filing.

The price initially set for the Mexican firm's shares stands at $268.6 million and it will need to be paid at the end of the operation, according to the filing.

The firm will also pay $24.6 million in installments within a maximum period of five years after the transaction closes.

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