07 OCTOBER 2015www.nasdaq.com
Brazilian regulators raise competition concerns over Ball-Rexam deal
Edited by : AL CIRCLE
1 min read
Conselho Administrativo de Defesa Economico or CADE concluded the first stage of its investigation and the General Superintendent issued an opinion that expresses competition concerns regarding unconditional clearance of Ball Corp.'s proposed acquisition of Rexam Plc.
While Ball respectfully disagrees that the proposed transaction would harm competition in Brazil, the company said it is looking forward to working with CADE's Commissioners to find a solution that would address any concerns that CADE's Tribunal may have.
It is expected that all necessary regulatory clearances will be obtained to enable the proposed acquisition to close during the first half of 2016. Following closing of the transaction, Ball will remain a New York Stock Exchange listed company domiciled in the U.S.
In February 2015, Ball Corp. offered to acquire beverages-can maker Rexam in a cash and stock deal valued at 5.4 billion pounds or $8.4 billion, including the assumption of net debt.
While Ball respectfully disagrees that the proposed transaction would harm competition in Brazil, the company said it is looking forward to working with CADE's Commissioners to find a solution that would address any concerns that CADE's Tribunal may have.
It is expected that all necessary regulatory clearances will be obtained to enable the proposed acquisition to close during the first half of 2016. Following closing of the transaction, Ball will remain a New York Stock Exchange listed company domiciled in the U.S.
In February 2015, Ball Corp. offered to acquire beverages-can maker Rexam in a cash and stock deal valued at 5.4 billion pounds or $8.4 billion, including the assumption of net debt.
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