Latest news, the Pact group is of and away trying to take out Viscount Plastic's No 2 on the list from my previous post.
As i suspected the ACCC has some issues with this, however I believe now that Ruffy controls PPG he can ease some of the ACCC issues by selling some of the business into PPG, (which he controls anyway), otherwise PPG can buy Viscount.
I have also posted some comments on NCI See business Spectator article below: Pact Group, Viscount Plastics, Visy Even with Graeme Samuel no longer heading the consumer watchdog and packaging billionaire Richard Pratt no longer with us, the Australian Competition and Consumer Commission’s opinion of Visy and the Pratt family has not softened. The late Pratt’s son-in-law Raphael Geminder is trying to acquire Asia-Pacific business Viscount Plastics, through his $1 billion company Pact Group. But despite Viscount having been keeping company with its bankers for the last two years through its parent Linpac Group, the ACCC has taken issue with Geminder’s bid. The competition regulator has finished its initial investigation into the proposed purchase and is seeking further submissions from the market, to be due on December 15. This development pushes its decision on the matter into late January. Visy and Pact swim in similar packaging circles and Pact has been on a buying spree recently, snapping up as many small local packaging operators as possible. Geminder is said to have been looking at a bid for the $300 million Aperio Group, yet another packaging company, and is set to pick up a 30.17 per cent stake in Pro-Pac Packaging from CVC Private Equity through another company, Bennamon Private Limited. The deal would fall just short of giving him a majority at Pro-Pac.
PPG Price at posting:
45.0¢ Sentiment: None Disclosure: Not Held
