Australia's Orora makes $1.4 bln play for France-based Saverglass (updated)

Orora

05/09/2023 01:19

(Adds details on acquisition in paragraphs 2-5)
       Sept 5 (Reuters) - Australian packaging firm Orora Ltd
 ORA.AX  said on Tuesday it will acquire French high-end glass
bottle manufacturer Saverglass from private equity firm Carlyle
Group  CG.O  for an enterprise value of A$2.16 billion ($1.40
billion).
    It said in a statement it will start a capital raising of
A$1.35 billion to pay for the acquisition.
    Orora will fund the acquisition via an A$450 million
institutional placement, an A$895 million 1-for-2.55 accelerated
non-renounceable pro rata entitlement offer, as well as A$875
million of debt financing, it said in a statement.
    Shares of the company will not recommence trading on the ASX
until Orora announces the results of the institutional
entitlement offer and placement, Orora said.
    They were placed on a trading halt on Aug. 28 and later
remained under voluntary suspension as the company had to delay
an official buyout announcement. 
    ($1 = 1.5477 Australian dollars)

 (Reporting by Poonam Behura and Sameer Manekar in Bengaluru;
Editing by Jacqueline Wong and Muralikumar Anantharaman)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))