2nd Jul 2013 08:34
July, 2, 2013
Following the complaint filed by the US anti-trust authorities, Compagnie de Saint-Gobain is working with Ardagh to achievethe closing of the sale of Verallia North America
On January 17, 2013, Compagnie de Saint-Gobain has accepted the purchase offer of Ardagh on Verallia North America for an enterprise value of $1,694 million (around €1,275 million), representing 6.5 times 2012 EBITDA (around $261 million). The transaction is subject to authorization by the Federal Trade Commission (F.T.C).
Yesterday, the F.T.C. filed a complaint in Federal Court seeking to prevent the sale from being consummated. The parties - Ardagh and Saint-Gobain - are disappointed by the action taken by the Commission. Saint-Gobain and Ardagh intend to vigorously defend the transaction in litigation, whilst at the same time working with the FTC to seek to resolve its concerns.
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