Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Australia's Orora confirms talks to buy French glass bottles maker Saverglass

Published 30/08/2023, 04:51
© Reuters. FILE PHOTO: Wine bottle samples stand on a table as a worker checks the production line at a Saverglass' plant in Ras Al Khaimah March 31, 2014. REUTERS/Martin Dokoupil/File Photo
ORA
-

(Reuters) - Australian packaging firm Orora Ltd confirmed on Wednesday it was in advanced discussions regarding a potential acquisition of French high-end glass bottles manufacturer Saverglass SAS.

"The negotiations will take some days to finalise due to a number of factors including the size and global nature of the target business," Orora said in a statement, while requesting a voluntary suspension of trading in its shares on the Australian bourse.

Earlier this week, the Australian Financial Review (AFR) reported that Orora was in late-stage negotiations to acquire Saverglass, and that Citi and Macquarie Capital are advising the company on a A$1 billion ($646.5 million) capital raising to fund the deal.

Shares of Orora were placed on a trading halt on Monday. The voluntary suspension would remain in place until earlier than commencement of trading on Sept. 1, or Friday, or when Orora requests for the voluntary suspension otherwise be lifted, the company said.

Established more than a century ago in France, Saverglass manufactures and decorates high-end glass bottles for wines and spirits, and recorded total sales of 786 million euros ($854.07 million) in fiscal 2022.

© Reuters. FILE PHOTO: Wine bottle samples stand on a table as a worker checks the production line at a Saverglass' plant in Ras Al Khaimah March 31, 2014. REUTERS/Martin Dokoupil/File Photo

($1 = 1.5468 Australian dollars)

($1 = 0.9203 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.