In its ongoing moves to acquire the Verallia North America company, Ardagh Group is currently negotiating a settlement with the US Federal Trade Commission (FTC) of the antitrust complaint on the basis of proposals made by Ardagh on 11 December 2013.
The proposals involve Ardagh Group divesting six former Anchor Glass plants together with the former Anchor headquarters and infrastructure at Tampa, Florida, USA.
The settlement negotiations with the FTC are described by the glass and metal packaging specialist as progressing “satisfactorily”.
However, the company says, it proved not possible to conclude negotiations in time for Ardagh to complete the acquisition of VNA by its initial closing date of 13 January 2014.
“To enable the settlement negotiations with the FTC to be concluded and the acquisition of VNA to proceed, Ardagh and [Verallia owner] Saint-Gobain have agreed to extend the final closing date under the Share Purchase Agreement from 13 January 2014 to 30 April 201,” the company says.
To enable it to complete the acquisition of VNA, Ardagh will repay in full the bonds it issued in January 2013, and has arranged committed replacement bridge financing which it expects to refinance in the capital markets in due course.
Ardagh Group operates more than 100 manufacturing plants in 25 countries employing approximately 18,000 people, with global sales in excess of €4.1 billion.