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Analysts speculate over Alcan sale
Analysts have mooted that Sealed Air, Bemis and Rank Group are in the running to acquire all or part of Alcan Packaging from Rio Tinto, following the announcement that the sale of its packaging division is in an "advanced" stage.
Pöyry Capital executive director Asim Mullick said that the "obvious candidate" is Bemis, the flexible packaging specialist as it's in the "best financial position".
Partner at Europa Partners Nick Mockett identified Sealed Air and Rank Group as potential candidates, but added that Alcan is "a fairly significant unit covering various segments so it's difficult to predict".
It is thought that Rio Tinto came close to selling the division to Sealed Air last year.
However, Mullick believes that Sealed Air is an unlikely contender as "they may have some refinancing issues in 2009, so may not be in the position to make such a large investment".
Rio Tinto, which is also looking to sell its Energy America and Mineral business, declined to comment further on the sale.
The announcement was made in a statement detailing the group's net debt.
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Alcan sale is difficult to predict because of its size
