Ardagh out of running for €3bn glass unit
Packaging giant Ardagh, headed by Dublin financier Paul Coulson, has pulled out of a €3bn bidding race for a division of French industrial group Saint Gobain, the Irish Independent has learned.
It's thought Ardagh was among a number of firms that submitted first-round bids for Saint Gobain's Verallia glass packaging unit, which is expected to sell for up to €3bn.
But it's believed that Ardagh's bid was lower than that of rival suitors, including private equity giants Blackstone and Apollo.
A spokesman for Ardagh declined to comment, while Saint Gobain did not reply to a query seeking comment.
The deal would have been another transformational one for Ardagh, which is based in Luxembourg, but has its roots in Irish Glass.