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BROOMFIELD, Colo., Jan. 15, 2016 /PRNewswire/ -- Ball Corporation (NYSE: BLL) today announced that the European Commission has granted conditional regulatory clearance in Europe of its proposed acquisition of Rexam PLC.
As part of the conditional clearance, the European Commission is requiring Ball to divest eight of its existing European metal beverage can manufacturing plants and two end plants, along with two of Rexam's metal beverage can manufacturing plants. The European Commission is also requiring Ball to divest certain European innovation and support functions in Bonn, Germany, Chester, U.K. and Zurich, Switzerland.
Upon closing the proposed offer for Rexam PLC, the combined company will operate Rexam's remaining 13 European beverage can manufacturing plants and two end plants, as well as three Rexam can plants and one end plant in Russia, and Ball's Bierne, France, Belgrade, Serbia, and Lublin, Poland, manufacturing plants. In addition, Ball plans to move its European regional support office to Rexam's Luton, U.K., location and will retain Rexam's Tongwell, U.K., research and development center.
On Dec. 29, 2015, Ball announced receipt of conditional regulatory approval in Brazil. As part of the Brazilian conditional clearance, the company agreed to divest its plants in Alagoinhas and Jacareí. The combined company will operate Ball's remaining beverage can and end manufacturing plant in Três Rios and end plant in Simões Filho, as well as Rexam's 12 existing metal beverage manufacturing plants in South America.
Ball expects to obtain the remaining regulatory clearances to enable the proposed acquisition of Rexam PLC to close during the first half of 2016. Following closing of the transaction, Ball will remain a New York Stock Exchange listed company domiciled in the U.S. and headquartered in Broomfield, Colorado.
About Ball CorporationBall Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 14,500 people worldwide and reported 2014 sales of $8.6 billion. For more information, visit www.ball.com, or connect with us on Facebook or Twitter.
Forward-Looking StatementsThis release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates" and similar expressions identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key risks and uncertainties are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Factors that might affect: a) our packaging segments include product demand fluctuations; availability/cost of raw materials; competitive packaging, pricing and substitution; changes in climate and weather; crop yields; competitive activity; failure to achieve productivity improvements or cost reductions; mandatory deposit or other restrictive packaging laws; customer and supplier consolidation, power and supply chain influence; changes in major customer or supplier contracts or loss of a major customer or supplier; political instability and sanctions; and changes in foreign exchange or tax rates; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the company as a whole include those listed plus: changes in senior management; regulatory action or issues including tax, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; litigation; strikes; labor cost changes; rates of return on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding the U.S. government budget, sequestration and debt limit; reduced cash flow; ability to achieve cost-out initiatives; interest rates affecting our debt; and successful or unsuccessful acquisitions and divestitures, including, with respect to the proposed Rexam PLC acquisition, the effect of the announcement of the acquisition on our business relationships, operating results and business generally; the occurrence of any event or other circumstances that could give rise to the termination of our definitive agreement with Rexam PLC in respect of the acquisition; the outcome of any legal proceedings that may be instituted against us related to the definitive agreement with Rexam PLC; and the failure to satisfy conditions to completion of the acquisition of Rexam PLC, including the receipt of all required regulatory approvals.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/balls-offer-for-rexam-plc-receives-conditional-regulatory-clearance-in-europe-required-divestitures-in-brazil-disclosed-300205043.html
SOURCE Ball Corporation
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