Rio Tinto receives $2 billion offer for Alcan Packaging divisions
August 19, 2009
Packaging company Amcor has offered to buy Rio Tinto''s remaining Alcan Packaging divisions for $2.025 billion, according to the Associated Press. The offer encompasses global packaging operations that span pharmaceuticals, tobacco and food. Rio incurred significant debt in its 2007 purchase of Canadian aluminum giant Alcan Inc. for $38 billion, and earlier this year sold its Alcan Packaging Food Americas division to U.S.-based Bemis Company Inc. for $1.2 billion. The divisions of Alcan Packaging that would be sold to Amcor employ about 14,000 staff at 80 locations in 28 countries. The sale is dependent on approvals from European and American regulators. The remaining Alcan Packaging division, Beauty, will be sold separately, Rio Tinto said.