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€1.2bn Ardagh deal deadline

DUBLIN financier Paul Coulson has seen the planned $1.7bn (€1.2bn) acquisition by his Ardagh glass group of a US business go down to the wire.

Ardagh has just four days left until it has to repay the $1.5bn it raised to buy Verallia, if the deal has not gone ahead by then.

The firm has been battling the US Federal Trade Commission (FTC) over the purchase since the watchdog sought to block the deal in July over fears it would hurt consumers in the US.

Ardagh rubbished the claim and said the picture the FTC painted of a "tacitly collusive" glass manufacturing sector was a "far cry from the truth". Despite the hold-up, the deal is said to have a high chance of going ahead.