Australian packaging company Orora has confirmed that it is in ‘advanced negotiations’ with Olympe for the potential acquisition of France-based luxury glass bottles manufacturer Saverglass.
This update was shared by Orora on 30 August in a securities exchange filing, requesting for voluntary suspension of trading of its ordinary shares on the Australian Securities Exchange (ASX) with immediate effect.
According to Orora, the negotiations with Saverglass’ holding company Olympe will take some days to finalise, depending on a “number of factors”.
These factors primarily include the requirement of finalising funding arrangements for the potential deal, number of involved vendors in seller group as well as the size and global nature of target business.
Orora said that it has requested this voluntary suspension to manage its “continuous disclosure obligations”, as the company progresses negotiations for this potential transaction.
This suspension has been requested to remain in place until the earlier of commencement of trading on 1 September 2023 or when Orora requests the voluntary suspension to be lifted, the Australian company added.
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Founded in 1897 in France, Saverglass specialises in manufacturing, customising and decorating high-end glass bottles.
The glass manufacturer mainly caters to “premium, super-premium and prestige” spirit, champagne, fine wine and sparkling wine brands and industries across the globe.
Orora also provides a wide range of sustainable packaging solutions, including glass bottles, beverage cans and corrugated boxes, along with visual communications solutions, such as point of purchase displays and signage.
It has three main business segments, comprising Orora Packaging Solutions and Orora Visual in North America and Orora Beverage in Australasia.
Recently, Orora Beverage opened its newly established aluminium can production line at its Dandenong facility in Victoria, Australia.