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Quelle surprise. ASX-listed can and bottle maker Orora is seeking to acquire high-end glass bottle manufacturer Saverglass, which was founded in 1897 in the historic Bresle Valley in France, where glass has been produced since the 15th century.
Sources told this column Orora was in late-stage negotiations to acquire Saverglass, which caters to the premium, super-premium and prestige spirit, fine wine, champagne and sparkling wine markets.
Brian Lowe, chief executive of packaging giant Orora, is set to start convincing investors of the merits of a mooted foray into France’s high-end glass market.
It is understood Citi and Macquarie Capital are advising Orora and will be joint lead managers on a $1 billion-plus raising to bankroll the deal. Sources emphasised the transaction was not yet signed. Orora shares were placed in a trading halt on Monday.
It comes after Street Talk reported on Sunday that Orora was closing in on the acquisition of an offshore glass business. Orora has been open about its interest in expanding through acquisitions in North America and Europe.
more to come
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