The world’s second largest drinks can manufacturer could be sold to the No 1 player in a £4.3 billion merger to create a tin cans giant that would trigger scrutiny by competition authorities.
London-based Rexam, which makes 62 billion drinks cans a year for brands such as Coca-Cola, Heineken and Red Bull, said yesterday that it had received an approach from Ball after its shares rose following reports in The Times of a takeover approach.
Colorado-based Ball made an indicative 610p cash and stock offer for Rexam to create a company that would control some two fifths of the global can producing market.
Rexam’s shares rose by 90.5p to 538p yesterday. The Takeover Panel has given Ball until March 5 to make a firm offer