M&As this week: Packaging Corporation of America and Ball

7 July 2016 (Last Updated July 7th, 2016 18:30)

Packaging Corporation of America (PCA) has entered a $386m definitive agreement to take over all seets ofmanufacturer and designer of corrugated shipping containers timBar.

Packaging Corporation of America (PCA) has entered a $386m definitive agreement to take over all seets ofmanufacturer and designer of corrugated shipping containers timBar.

The acquisition is subject to approval and if approved is expected to be completed by the Q3 of this year.

Included in the deal is acquisition of TimBar's five corrugated product plants, as well as two fulfillment centres and four design centres.

Ball has taken over UK beverage can manufacturing company Rexam for $6.1bn.

Out of the total consideration, $2.4bn has been secured by the company as net debt with the European Commission's approval, while the remaining $3.1bn has been secured by divestment of Ball's can manufacturing facilities.

Ball is the biggest manufacturer of recyclable aluminium beverage cans in North America.