31 Mar 2016 15:15
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Mon, 25th Apr 2016 08:07
(ShareCast News) - Ball Corp. and Rexam agreed to divest assets to Ireland's Ardagh Group worth $3.42bn in a bid to clinch regulatory approval for their merger.The two companies, which unveiled their intention to merge and create the world's largest manufacturer of food and beverage cans on 19 February, announced they would sell the assets at a multiple of roughly 9.1 times earnings before interest, taxes, depreciation and amortisation of $375m.In parallel, Ardagh announced it had launched a $2.85bn bond issue to finance its purchases.US-based Ball agreed to sell 17 factories in the US, Europe and Brazil, together with other installations with combined annual sales of $3bn in 2015 to clinch regulatory clearance from competition authorities in Brussels.Ball and Rexam were among the largest suppliers to the likes of Coca Cola and Anheuser Busch-Inbev.Private equity outfits Apollo Global Management, Blackstone Group LP and Madison Dearborn Partners were understood to have also tabled bids for the assets.There were question marks around whether debt levels at Ardagh, which pulled an initial public offering of its cans unit last year, might prove too high a hurdle for the company to overcome.Among the assets included in Monday's announcement were eight Rexam manufacturing plants located in the US and another 12 properties in Europe and two of Ball's manufacturing plants in Brazil together with certain innovation and support centres in Germany, the UK, Switzerland, Brazil and the US.That would leave the combined company operating 75 metal beverage can manufacturing facilities around the world.Ball expects annual net cost synergies in excess of $300m to accrue to the combined firm by the third financial year after their tie-up.The bulk of those savings, 40.0%, are expected to result from optimising global sourcing through standardisation and greater purchasing volumes. A further 30.0% would come from a reduction in general and administrative expenses.As of 08:58 shares in Rexam were 0.55% higher to 639p.
More News
1 Mar 2016 20:16
Ardagh Group prepares binding bid for Ball, Rexam assets -sources
By Greg Roumeliotis March 1 (Reuters) - Ardagh Group, the packaging conglomerate controlled by Irish billionaire Paul Coulson, is preparing a binding offer for the assets being divested by drinks can makers Ball Corp and Rexam Plc, according to people familiar with the matter. Ardagh
Read more18 Feb 2016 07:05
Rexam volumes up, earnings down ahead of Ball takeover
(ShareCast News) - Rexam was looking at a year of positive sales growth on Thursday, but fluctuations in currency and lower prices saw earnings head south in the 12 months to 31 December. The FTSE 100 beverage can manufacturer saw sales increase by 2% over the year, to £3.93bn (from £3.83bn). Its un
Read more11 Feb 2016 16:09
15 Jan 2016 11:32
EU clears Ball/Rexam merger, subject to divestments
(ShareCast News) - The European Commission has approved the acquisition of London-listed drinks can maker Rexam by US rival Ball Corp, subject to the divestment of 12 plants in Europe. The regulator said its investigation showed that the deal, as notified, would have cut competition in the already c
Read more15 Jan 2016 11:25
15 Jan 2016 11:05
EU clears Ball, Rexam merger subject to 12 plant divestments
BRUSSELS, Jan 15 (Reuters) - The European Commission said on Friday that it had approved U.S. drinks can maker Ball Corp's planned 4.43 billion pound ($6.35 billion) purchase of Rexam Plc subject to the divestment of 12 plants. "The Commission's investigation showed that the transaction,
Read more29 Dec 2015 15:41
10 Dec 2015 16:20
UPDATE 2-Ball set to win EU approval for $6.7 bln Rexam deal- sources
* Ball initially offered to sell 11 European plants * Company has fine-tined package of concessions * World's two largest beverage can makers to merge (Adds Ball comments, Ball share price, updates Rexam share price) By Foo Yun Chee BRUSSELS, Dec 10 (Reuters) - U.S. drin
Read more10 Dec 2015 11:00
EU regulators reportedly set to approve Rexam/Ball deal
(ShareCast News) - EU antitrust regulators are set to approve Ball Corp's bid for drinks can maker Rexam after it improved its concessions, according to reports. European competition regulators announced in July that they had opened an investigation into US-based Ball's bid for Rexam. The European
Read more10 Dec 2015 10:43
Eu antitrust regulators set to approve Ball, Rexam deal - sources
BRUSSELS, Dec 10 (Reuters) - EU antitrust regulators are set to approve Ball Corp's 4.43-billion-pounds ($6.7 billion) bid for Britain's Rexam Plc after the U.S. drinks can maker improved its concessions, two people familiar with the matter said on Thursday. Last month, Ball offered to sell
Read more25 Nov 2015 21:39
UPDATE 1-Ball offers EU to sell 11 plants for Rexam deal approval-sources
(Adds details on Goldman Sachs and the sale process) By Foo Yun Chee and Greg Roumeliotis BRUSSELS/NEW YORK, Nov 25 (Reuters) - U.S. drinks can maker Ball Corp is ready to sell 11 European plants to get EU antitrust regulators to approve its 4.43 billion pound ($6.69 billion) acquisit
Read more