Orora (ASX:ORA) shares are on the rise, with an intraday gain of as much as 2.43% to A$2.735.

This marks their largest single-day increase since September.

The Australian packaging company announced that it has signed a binding share purchase agreement to take over Saverglass SAS.

The completion of this acquisition is expected to be finished within the last quarter of 2023.

Brokerages currently have the equivalent of a ‘hold’ rating on Orora, with a median price target of A$3.30, as per LSEG data.

As of last closing, the stock is down 1.1% for the year.

Orora is an Australian company specializing in packaging solutions.