Ardagh to buy Ball and Rexam assets for €3bn
Drinks can maker Ball said it along with British rival Rexam agreed to sell some assets to Luxembourg-based Ardagh Group for about $3.42bn (€3.04bn) to meet antitrust regulations ahead of their planned merger.
The companies will sell some metal beverage can assets, support locations and functions in Europe, Brazil and the United States to Ardagh Group, Ball said on Monday.
Reuters had earlier reported that Ball and Rexam have begun the process of shedding assets for regulatory approval.
Ardagh chairman Paul Coulson said the company was pleased to expand its packaging business.
"Whilst we do not currently operate in the beverage can market, the business we are acquiring is highly complementary to our existing metal and glass businesses. The acquired business has an excellent management team and strong customer relationships."