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Rank reveals $3bn ownership rejig for CSI and ReynoldsJosh Brooks, 16 October 2009Be the first to comment on this article New Zealand’s Rank Group has announced a $3bn rejig to the ownership of two of its multinational businesses, Closures Systems International and Reynolds Consumer Products. In a statement to the Irish stock exchange yesterday, Luxembourg-based Beverage Packaging Holdings (Luxembourg) II, a subsidiary of Rank, revealed that its sister entity Beverage Packaging Holdings (Luxembourg) III would acquire the two businesses, which make plastic caps and closures and foil, wraps and bags respectively. The acquisition will be funded by a combination of around $3bn of newly-raised debt, existing funds from SIG Group, which is also part of Rank, and equity contributions from another sister company, Beverage Packaging Holdings (Luxembourg) I. In its statement, the group said that the acquisition would complete by the end of the year. Although the deal will technically be one of the biggest acquisitions of the year, eclipsing the $2.025bn that Amcor has agreed to pay for the majority of Alcan’s packaging business, it is not expected to affect the companies’ operations. Rank Group is the privately owned New Zealand-based packaging conglomerate of billionaire Graeme Hart. Among its many subsidiaries are the world’s second-largest carton maker SIG Group, which it bought in March 2007, Closures Systems International, which it acquired from Alcoa in December 2007, Evergreen Packaging and the Reynolds Packaging Group. Click here for today’s headlines from across the packaging industry
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