15 December 2009 18:48 [Source: ICIS news]
TORONTO (ICIS news)--The European Commission (EC) on Tuesday cleared the planned acquisition of Alcan Packaging's flexible packaging and folding cartons business by ?xml:namespace>
Without the divestment, the merger would create a very strong supplier in flexible packaging for pharmaceuticals, with only a limited number of large competitors, the commission said in a statement.
In order to address these concerns, Amcor had committed to divesting two plants that make up the bulk of that part of its business in
Amcor in August offered to acquire for $2.0bn (€1.4bn) large parts of the Alcan’s packaging business, including Food Europe, Food Asia, Global Tobacco and Global Pharmaceutical, to create one of the world’s leading packaging companies.
Alcan Packaging became a subsidiary of mining group Rio Tinto in 2007 when Rio acquired Canadian aluminium major Alcan in a $38.1bn deal. At the time, Rio Tinto said it planned to sell the packaging business.
($1 = €0.68)
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