Top Stories
Australia’s Orora confirms talks to buy French glass bottles maker Saverglass
Global Banking & Finance Review®
Company
(Reuters) – Australian packaging firm Orora Ltd confirmed on Wednesday it was in advanced discussions regarding a potential acquisition of French high-end glass bottles manufacturer Saverglass SAS.
(Reuters) – Australian packaging firm Orora Ltd confirmed on Wednesday it was in advanced discussions regarding a potential acquisition of French high-end glass bottles manufacturer Saverglass SAS.
“The negotiations will take some days to finalise due to a number of factors including the size and global nature of the target business,” Orora said in a statement, while requesting a voluntary suspension of trading in its shares on the Australian bourse.
Earlier this week, the Australian Financial Review (AFR) reported that Orora was in late-stage negotiations to acquire Saverglass, and that Citi and Macquarie Capital are advising the company on a A$1 billion ($646.5 million) capital raising to fund the deal.
Shares of Orora were placed on a trading halt on Monday. The voluntary suspension would remain in place until earlier than commencement of trading on Sept. 1, or Friday, or when Orora requests for the voluntary suspension otherwise be lifted, the company said.
Established more than a century ago in France, Saverglass manufactures and decorates high-end glass bottles for wines and spirits, and recorded total sales of 786 million euros ($854.07 million) in fiscal 2022.
($1 = 1.5468 Australian dollars)
($1 = 0.9203 euros)
(Reporting by Himanshi Akhand in Bengaluru; Additional reporting by Sameer Manekar; Editing by Rashmi Aich)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control. This often involves financial negotiations and can lead to significant changes in the acquired company's operations.
Capital raising refers to the process of gathering funds to finance a company's operations, growth, or acquisitions. This can be achieved through various means, including issuing stocks, bonds, or securing loans.
Corporate strategy is the overall plan for a company to achieve its goals and objectives. It involves decisions about resource allocation, market positioning, and competitive advantage to drive growth and profitability.
A trading halt is a temporary suspension of trading in a security. This can occur for various reasons, including pending news announcements or regulatory concerns, allowing investors to absorb information before trading resumes.
The financial community encompasses individuals and organizations involved in the finance sector, including banks, investment firms, regulators, and other entities that facilitate financial transactions and services.
Explore more articles in the Top Stories category
