Rexam conceded that it was “taking nothing for granted” in securing the competition clearance for its £4.4 billion takeover by an American rival.
The British can manufacturer yesterday accepted an offer by Ball Corporation, its Colorado-based rival, but the combination of the world’s two largest companies in this area is likely to be scrutinised by competition authorities in the United States, Britain and Brazil, analysts said.
The offer, comprising about two thirds cash and one third Ball stock, values Rexam at 628p a share, a 40 per cent premium on its closing price before The Times revealed that it had received a takeover approach this month. Shares in Rexam rose 6 per cent to 565½p yesterday.
Both companies sought to play down concerns that the