Source: Bloomberg
By Matthew Newman and Brett Foley
Amcor Ltd., Australia’s biggest packaging company, offered remedies to address European Union regulators’ antitrust concerns in their review of the company’s planned purchase of part of Rio Tinto Group’s Alcan unit.
The European Commission, the EU competition authority in Brussels, says in an e-mailed statement that it has extended its review by 10 working days to Dec. 14.
An Amcor spokesperson in Brussels, who asked not to be identified in line with company policy, says Amcor will make an announcement in due course.
Amcor, based in Melbourne, in August offered to buy part of Rio’s Alcan unit including European and Asian food packaging, global pharmaceuticals and global tobacco units for $2.025 billion.
The takeover, Amcor’s biggest, will boost sales 50 percent and make it the world’s largest supplier of packaging to the pharmaceutical, healthcare and personal care industries, according to Deutsche Bank AG.
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