US packaging provider Ball Corporation has confirmed media reports that its board of directors is in discussions on a possible acquisition of rival Rexam Plc. The proposed transaction includes a combination of cash and equity. There is no certainty any formal offer will be made for Rexam PLC, says Ball, nor as to the terms on which any offer may be made. The proposal values Rexam at 610 pence per each Rexam share based on a consideration of approximately two thirds in cash and one third in new Ball shares. At around 705 million outstanding share, the Ball offer values Rexam at £4.3 billion (€5.8bn).
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