Australia's Orora delays potential Saverglass buyout announcement (updated)

Orora

01/09/2023 02:22

(Adds Orora's statements and details in paragraphs 2-5)
       Sept 1 (Reuters) - Australian packaging firm Orora Ltd
 ORA.AX  said on Friday it is not in a position to announce a
deal for the acquisition of French high-end glass bottles
manufacturer Saverglass SAS.
    Shares of the company will continue to be under voluntary
suspension, Orora said, adding that it will be able to
officially announce the deal just before the stock resumes
trading on Sept. 5. 
    Orora on Wednesday had confirmed about advanced discussions
regarding the acquisition.
    The Hawthorn-headquartered company made "substantial
progress" in negotiations with the owners of Olympe SAS, which
is a holding company of Saverglass, the company noted in a
statement. 
    Orora said it was in the process of finalising funding
arrangements for the potential transaction.   
    
   

 (Reporting by Poonam Behura in Bengaluru; Editing by Subhranshu
Sahu and Sherry Jacob-Phillips)
 ((Poonam.Behura@thomsonreuters.com;))