Bemis Company has agreed with the US Department of Justice to sell off certain assets to go ahead with the Alcan Packaging buyout plan from mining giant Rio Tinto for about $1.2bn.
Bemis said it would sell certain US assets that generate a yearly revenue of about $100m, including two factories.
The settlement requires Bemis to sell all of Alcan's contracts and intellectual property, factories in Catoosa, Oklahoma, and Menasha, Wisconsin, as well as other assets related to the packaging business.
The Justice Department said without the divestitures, the acquisition would lead to higher prices, lower quality, less favourable supply-chain options, reduced technical support and less innovation.
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