Ardagh delays IPO until end of year as it ties up Verallia deal
PAUL Coulson's Ardagh Group has delayed its flotation until the end of the year at the earliest as it completes a $1.7bn (€1.2bn) US acquisition.
Company executives have told investors they aim to use proceeds from the planned initial public offering (IPO) to cut debt and fund more purchases, Bloomberg reported.
Ardagh spokesman Ed Micheau declined to comment. Ardagh said 18 months ago that it filed a registration statement relating to a share sale and listing in the US.
Irish investor Paul Coulson owns a 21pc direct stake in Ardagh and "has an interest in a further 39pc" through his investment vehicle Yeoman, Ardagh said last year. It is now based in Luxembourg.
Ardagh has its roots in the Irish Glass Bottle company and was listed on the Dublin Stock Exchange until 2002 when Mr Coulson took it private.
Ardagh agreed earlier this week to buy the American business of Saint-Goblin Verallia glass bottle-and-jar unit. The company, whose clients include Coca-Cola and L'Oreal, sold $1.6bn of bonds this week to help finance the purchase.
Ardagh will have sales of more than €5.4bn after buying Verallia and expects to generate $85m of annual savings. (Bloomberg)