LONDON (Alliance News) - The US's Ball Corp hit another snag in its ongoing battle to secure regulatory approval for its takeover of FTSE 250-listed can maker Rexam PLC on Monday after Brazilian regulators raised objections to the deal on competition grounds.
Brazil's Consehlo Administrativo de Defesa Economico, or CADE, concluded the first phase of its investigation of the deal on Friday and its General Superintendent has issued an opinion that the combination raises competition concerns.
Ball said its "respectfully disagrees" that the takeover of Rexam will harm competition in Brazil, but will now work with the regulator to remedy its concerns.
The objection comes after the European Commission raised competition concerns about the deal last week.
Ball said it still expects all regulatory approvals for the deal to be secured by the end of the first half of 2016.
Shares in Rexam were up 1.0% to 532.00 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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