Saturday 24 March 2018

Ardagh out of running for €3bn glass unit

Paul Coulson of Ardagh PLC
Paul Coulson of Ardagh PLC
John Mulligan

John Mulligan

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.

Irish Independent

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