28 August 1998: According to a recent press report, the finance firm Candover of the UK has emerged as the leading contender to buy Rockware, the UK glass bottle maker put up for sale by US giant Owen…
28 August 1998: According to a recent press report, the finance firm Candover of the UK has emerged as the leading contender to buy Rockware, the UK glass bottle maker put up for sale by US giant Owens-Illinois. Candover is believed to have offered about UK 250 million for the business, topping a rival offer by the quoted Irish packaging and container group Ardagh, the report said. A deal is likely to be announced soon and will mark a second change of ownership at Rockware in less than a year. Owens, partly owned by American buyout firm KKR, inherited the business in March when it paid UK 2.2 billion to industrial giant BTR for its global glass and plastic packaging business. The deal was cleared by the UK competition authorities, on condition that Rockware would be sold on to resolve monopoly problems. Rockware has a 30% share of the UK market and would have doubled Owens“ share, as Owens already owns another glass packaging company, United Glass. Candover was one of four suitors short-listed by Owens last month for the disposal. Rockware owns a 21% stake in Ardagh and reportedly has close trading links with the Irish company, but Candover“s offer could not be matched by rivals, the report said. Analysts say that one hurdle facing Ardagh, with a market value of UK 40 million, is that a successful bid would have to involve huge fund-raising.