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Ball falls as Rexam takeover probed by EU competition regulator

Mon, 20th Jul 2015 18:54

(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 manufacturing industry, with the pair the first and second largest drinks can manufacturers in the region.But Ball maintained this was a "standard step" for the European Commission and added that the transaction was also still being reviewed by other antitrust agencies, including the US Federal Trade Commission and the Conselho Administrativo de Defesa Econômica in Brazil."It is expected that all necessary regulatory clearances will be obtained during the first half of 2016."Margrethe Vestager, the EC's head of competition policy, commented: "Very many of us buy drinks in cans - they are convenient and used everywhere. It is therefore very important that the Commission makes sure that Ball's takeover of Rexam does not restrict effective competition and so risk price increases that could be passed on to consumers".In February, Rexam's management unanimously recommended the 628p-per-share offer by Ball, made up of 407p in cash and 0.04568 of a new Ball share, which will give Rexam shareholders a total stake of around 19% of the New York-listed company after completion of the transaction.An initial EC investigation suggested that competitors "would not pose a sufficient competitive constraint on the merged entity".With high barriers to entry on the industry, the combination of the two largest players is thought likely to result in price increases for customers and ultimately for consumers.Shares in Ball were down 1% to $70.75 after the announcement, which came after UK markets had closed for the day on Monday.

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19 Feb 2015 21:37

Moody's may downgrade Ball Corp over Rexam deal

By Mariana Santibanez NEW YORK, Feb 19 (IFR) - Moody's said on Thursday it may downgrade US can maker Ball Corp amid the company's planned Â£4.43bn (US$6.85bn) acquisition of British rival Rexam Plc. Moody's placed Ball's junk Ba1 rating on review for downgrade, citing the company's "

19 Feb 2015 16:52

MARKET COMMENT: London Ends Mixed As Germany Dismisses Greek Terms

19 Feb 2015 16:45

UPDATE 3-Ball Corp to buy British drinks can maker Rexam for $6.9 bln

* Cash-and-stock deal valued at 628 pence per share * Anti-trust concerns hold back share price * Ball to remain U.S. domiciled for tax (Adds Ball and analyst comments, context, updates shares) By Esha Vaish and Roshni Menon Feb 19 (Reuters) - U.S. drinks can maker Ball

19 Feb 2015 16:33

London close: Greek developments, central bank uncertainty keep UK stocks flat

It was another subdued finish for London's stocks on Thursday as the market continued to fluctuate at a 15-year high on the back of mixed newsflow about Greece and uncertainty regarding global monetary policy. The FTSE 100 finished the session down just 0.1% at 6,888.90. The index has stayed broadly

19 Feb 2015 16:00

FTSE 250 movers: Petra Diamonds boosted by higher production guidance, Man Group stonger on upgrade

Petra Diamonds topped the risers after raising its production guidance from 3.2m to 3.3m carats for the 12 months to 30 June. "Our expansion programmes are on track at all operations, and production is expected to grow to about 3.3m carats in 2015 and to about 5m carats by financial year 2019," said

19 Feb 2015 14:08

BUZZ-U.S. STOCKS ON THE MOVE-Wal-Mart, Priceline, Ocera Therapeutics, Netlist

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, http://link.reuters.com/mex49s; for the Morning News Call newsletter, http://link.reuters.com/nex49s) U.S. stock index futures pointed to a flat open on Wall Stree

19 Feb 2015 12:42

UK MIDDAY BRIEFING: Greek Deal Optimism Gives Way To Uncertainty

19 Feb 2015 11:39

London midday: Stocks recover as Greek hopes outweigh Fed uncertainty

UK stocks had erased earlier losses by Thursday lunchtime as hopes about Greece outweighed uncertainty arising from the minutes of the latest Federal Reserve policy meeting. The FTSE 100 was up just 0.02% at 6,899.24 by midday, having bounced off an intraday low of 6,858.67 reached early on. The in

19 Feb 2015 11:26

UK WINNERS & LOSERS: Centrica Shares Tumble On Dividend Cut, Warning

19 Feb 2015 11:18

TOP NEWS: Eurogroup Set To Convene Friday As Greece Seeks Extension

19 Feb 2015 09:10

UPDATE: Rexam Agrees GBP4.3 Billion Takeover Offer From US's Ball Corp

19 Feb 2015 08:43

London open: Centrica and BAE lead markets lower after FOMC minutes

Uncertainty surrounding the future of monetary policy in the States was weighing on UK stocks on Thursday morning, after the Federal Reserve showed it was wary of raising rates too soon. The FTSE 100 was down 0.3% at 6,879 early on, with energy provider Centrica and defence contractor BAE Systems le

19 Feb 2015 08:42

UK's Rexam Confirms GBP4.3 Billion Takeover Offer From US's Ball Corp

19 Feb 2015 08:34

UK MORNING BRIEFING: Centrica Shares Fall 7.7% On Loss, Dividend Cut

19 Feb 2015 08:25

BUZZ-Rexam: jumps on $6.85 bln Ball Corp offer

** British drinks can maker Rexam jumps 6.4 pct, after saying U.S. rival Ball Corp offered to buy the company in a cash-and-stock deal valued at about 4.43 bln pounds ($6.85 bln) ** Stock up 23 pct YTD, easily one of the most actively traded stock on FTSE 250 ** Rexam said its shareho

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Ball falls as Rexam takeover probed by EU competition regulator

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