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Ball and Rexam to sell assets to Ireland's Ardagh Group

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.

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20 Jul 2015 18:54

Ball falls as Rexam takeover probed by EU competition regulator

(ShareCast News) - European competition regulators on Monday opened an investigation into Rexam's agreed £5.4bn takeover by US rival Ball Corporation. The European Commission will probe the deal over concerns that it may stifle competition in the continent's beverage can and aluminium bottle manufac

20 Jul 2015 17:19

UPDATE 1-EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

(Adds details of probe) By Foo Yun Chee and Julia Fioretti BRUSSELS, July 20 (Reuters) - European Union antitrust regulators have opened an in-depth investigation into whether U.S. drinks can maker Ball Corp's 4.4 billion pound ($7 billion) offer for Britain's Rexam Plc will lead to h

20 Jul 2015 16:55

EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

BRUSSELS, July 20 (Reuters) - European Union antitrust regulators opened an in-depth investigation on Monday into U.S. drinks can maker Ball Corp's 4.4-billion-pound ($6.85 billion) offer for U.K. peer Rexam Plc, concerned about the anti-competitive effects. "The Commission has concerns tha

15 Jul 2015 15:36

Rexam finance director Robbie to take leave of absence due to illness

(ShareCast News) - Rexam's finance director David Robbie has been granted a leave of absence to undergo medical treatment and chemotherapy, having been recently diagnosed with a serious condition. Kath Kearny-Croft, director of group planning and finance, has been asked to take the role of acting fi

15 Jul 2015 11:11

Rexam Finance Director Robbie Takes Leave Of Absence Due To Illness

17 Jun 2015 10:30

UPDATE 1-EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

(Adds background, timing of deal) BRUSSELS, June 16 (Reuters) - European Union market competition regulators are set to decide by July 20 whether to approve the 4.4 billion-pound ($6.9 billion) merger deal between Ball Corp and Rexam Plc, the world's two largest makers of drinks cans. Read more

16 Jun 2015 18:20

EU mergers and takeovers (June 16)

BRUSSELS, June 16 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- PRS for Music Ltd (PRSfM), Foreningen Svenska Tonsattares Internationella Mysikbyra (Stim) and Gesellschaft fÃ¼r mus

16 Jun 2015 16:10

EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

BRUSSELS, June 16 (Reuters) - European Union market competition regulators are set to decide by July 20 whether to approve the 4.4 billion-pound ($6.9 billion) merger deal between Ball Corp and Rexam Plc, the world's two largest makers of drinks cans. The companies sought approval for the d

27 May 2015 05:13

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Ball and Rexam to sell assets to Ireland's Ardagh Group

Ball falls as Rexam takeover probed by EU competition regulator

UPDATE 1-EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

EU regulators to probe U.S. drinks can maker Ball's bid for Rexam

Rexam finance director Robbie to take leave of absence due to illness

Rexam Finance Director Robbie Takes Leave Of Absence Due To Illness

UPDATE 1-EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

EU mergers and takeovers (June 16)

EU regulators to decide by July 20 on Ball's $6.9 bln Rexam bid

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