Business
Joint bid on cards for Rio Tinto Alcan Packagingliz.wells@haymarket.com, 11 April 2008Be the first to comment on this article Indian packaging companies Essel Propack and Ess Dee Aluminium are reported to be putting together a joint bid for the 2.5bn packaging arm of Rio Tinto Alcan. The Economic Times in India has reported that Essel and Ess Dee will share the financial burden of acquiring the packaging business, but then plan to break up the company and merge it with their own operations. Reports in the Daily Telegraph last month suggested that investment bank Morgan Stanley had been appointed to find a buyer for the business and would break it up to make it easier for buyers. Essel Propack and Ess Dee have declined to comment on the speculation. Essel Propack has facilities in 12 countries, including Arista Tubes in the UK. Ess Dee is owned by packaging specialist Dutta Group, and its other companies include Flex Art, Sushmit Packaging and Atlanta Vinyl Private. Speak Your Mind |
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