Oct 10 (Reuters) - Orora Ltd ORA.AX :
* ANNOUNCES SALE OF ITS AUSTRALASIAN FIBRE BUSINESS FOR A$1,720 MILLION
* ENTERED INTO A BINDING AGREEMENT TO SELL ITS AUSTRALASIAN FIBRE BUSINESS TO A WHOLLY OWNED SUBSIDIARY OF NIPPON PAPER INDUSTRIES
* ESTIMATED NET GAIN AFTER COSTS AND TAX IS A$225 MILLION DUE TO SALE
* INTENDS TO RETURN IN VICINITY OF A$1,200 MILLION, BEING MAJORITY OF NET PROCEEDS, TO SHAREHOLDERS
* EXPECTS TO RECEIVE NET CASH PROCEEDS FROM TRANSACTION OF A$1,550 MILLION
* "THERE MAY BE SOME REDUCTION IN ROLES REQUIRED TO SUPPORT ORORA GROUP ACTIVITIES GOING FORWARD"
* TRANSACTION COMPLETION IS EXPECTED TO OCCUR IN EARLY 2020