IPL Plastics in merger talks with Dutch packaging firm Schoeller Allibert Group - report
IPL Plastics, formerly One51, is understood to be in talks to merge with Dutch packaging firm Schoeller Allibert Group.
A Bloomberg News report said Schoeller Allibert, majority owned by Brookfield Asset Management, has been in merger talks with IPL for several months.
IPL Plastics is an Irish company and is headed up by CEO Alan Walsh but is now listed in Canada which is home to its main operations. News of talks Schoeller Allibert follow the appointment by IPL of corporate financier Conor McCarthy to oversee mergers and acquisitions activity at the company. He was previously a director of Investec in Dublin.
IPL raised CA$191.7m from its flotation on the Toronto Stock Exchange in June. Irish shareholders who remained with the company when it floated received new shares in IPL Plastics in return for their old stock. Six months after the stock market listing, which is in late December, these B-class shares will convert and can be traded in Canada.
The company originally entered the North American market through the majority purchase of Canadian packaging company IPL in 2015. It has since acquired a number of businesses in that market.