17 July 2007 14:42 [Source: ICIS news]
TORONTO (ICIS news)--Alcan’s packaging business will be sold following Rio Tinto's planned acquisition of the Montreal-based Canadian aluminium major, a spokeswoman said on Tuesday.
Alcan agreed last week to be bought by UK-based mining group Rio Tinto for $38.1bn (€27.8bn), or $101/share, in one of the largest takeovers of a Canadian company. Alcan had earlier rejected a bid by Alcoa, which offered $76.03/share offer.
The spokeswoman did not disclose details as to price, buyers or timelines for the sale.
The packaging business employs about 31,000 workers in over 140 production facilities worldwide, according to the company.
Alcan packaging, which uses plastics as a base material for about 60% of its overall business, claims top positions in global specialty, food, pharmaceuticals and beauty packaging markets.
($1 = €0.73)
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