Rio Tinto Alcan receives US$2.025 billion binding offer for the majority of Alcan Packaging businesses
On August 18, 2009, Rio Tinto Alcan announced it had received a binding offer from Amcor to acquire the majority of the Alcan Packaging businesses, comprising Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions, for a total consideration of US$2.025 billion. Completion of the potential transaction would be subject to customary closing conditions, including regulatory approvals in Europe and in the United States. In addition, the binding offer purchase price and consideration received is subject to certain adjustments, including an adjustment based on the financial performance of the Alcan Packaging businesses and the value at closing of certain transferred liabilities.
Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions have approximately 14,000 employees at 80 locations in 28 countries. In 2008, these businesses generated revenues of US$4.1 billion, accounting for 62 per cent of Alcan Packaging's total revenues. For the first six months of 2009, the businesses generated total revenues of US$1.8 billion.
RTA was represented in Canada by Ogilvy Renault LLP with a team led by Steve Malas, Eric Stevens and Gillett Bradley (Corporate/M&A); Derek Chiasson (Tax); and Miguel Manzanno (Real Estate).