Amcor offers $2bn for Alcan packaging units
Josh Brooks, packagingnews.co.uk, 18 August 2009
Amcor has today confirmed a $2.025bn offer to buy Alcan’s pharmaceuticals, food and tobacco packaging businesses from mining giant Rio Tinto in a deal that would create one of the world’s biggest packaging groups.
The Australian group has ended months of speculation and confirmed that it is planning to buy Alcan Packaging Global Pharmaceuticals, Alcan Packaging Food Europe, Alcan Packaging Food Asia and Alcan Packaging Global Tobacco.
The acquisition will add US$4.1bn in sales, 14,000 employees and 80 factories to Amcor’s current empire. The group, which also released its annual results today, already has sales of AUS$9.3 (US$7.8bn) from 226 plants employing 21,000 employees.
Amcor managing director and chief executive officer Ken MacKenzie said in this morning’s statement: "We believe that this acquisition will bring customers of both Amcor and Alcan Packaging even greater value through broader offerings and enhanced customer service.
"Critically, beyond the hard assets, the combined company will draw on the best people from both organisations to drive these improvements."
Rio Tinto said that it would respond to the offer following consultation with its European works councils.
Rio Tinto chief financial officer Guy Elliott said: "We believe Amcor’s offer is in the interests of all stakeholders. These businesses would be acquired by a leading player in the global packaging sector that is very well placed to enable ongoing success of the businesses."
Completion of the deal will be subject to regulatory approvals in Europe and in the United States.
