Ball’s Offer For Rexam PLC Receives Conditional Regulatory Clearance in Europe
The European Commission has granted conditional regulatory clearance in Europe for Ball Corporation’s proposed acquisition of Rexam. As part of the conditional clearance, the European Commission is requiring Ball to divest eight of its existing European metal beverage can manufacturing plants and two end plants, along with two of Rexam’s metal beverage can manufacturing plants. The European Commission is also requiring Ball to divest certain European innovation and support functions in Bonn in Germany, Chester in the UK and Zurich in Switzerland.
Upon closing the proposed offer for Rexam, the combined company will operate Rexam’s remaining 13 European beverage can manufacturing plants and two end plants, as well as three Rexam can plants and one end plant in Russia, and Ball’s Bierne in France, Belgrade in Serbia, and Lublin inPoland, manufacturing plants. In addition, Ball plans to move its European regional support office to Rexam’s Luton location in the UK and will retain Rexam’s Tongwell research and development centre in the UK.
Ball expects to obtain the remaining regulatory clearances to enable the proposed acquisition of Rexam to close during the first half of 2016. Following closing of the transaction, Ball will remain a New York Stock Exchange listed company domiciled in the US and headquartered in Broomfield, Colorado.
