Ardagh bid for US glass-maker Verallia goes down to wire

Ardagh's planned $1.7bn (€1.2bn) acquisition of US glass business Verallia has gone down to the wire.

There are just four days left before the Irish firm will have to repay $1.5bn in bonds it raised to fund the deal unless it secures the acquisition.  Headed and controlled by Paul Coulson (pictured), Ardagh has been battling the US Federal Trade Commission (FTC) over its planned acquisition of Verallia, which is owned by French industrial giant Saint-Gobain.The FTC sought to block the deal -- which would have been Ardagh's second biggest acquisition -- in July.The watchdog complained that the Verallia purchase by Ardagh would "hurt consumers nationwide" in the United States as it would result in higher costs for drinks containers, and consequently the drinks consumers buy.

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600450 Ardagh bid for US glass-maker Verallia goes down to wire
Date: 13 January 2014

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