Antitrust agency OKs Rexam's takeover of Latasa
Bnamericas Published: Thursday, June 17, 2004
Brazil's federal antitrust watchdog Cade has given the green light for UK packaging company Rexam's takeover of its local aluminum can maker Rexam South America (formerly Latasa), a Cade spokesperson told BNamericas, confirming local press reports. The takeover had been previously approved by federal antitrust investigator Seae, which advised Cade to make a positive ruling. Rexam paid US$355mn plus the assumption of debt to a total of some US$462mn to Pittsburgh-based aluminum giant Alcoa (NYSE: AA) to take over the company late last year. At the time, Latasa was 37% owned by Alcoa, 39% owned by Brazil's Bradesco Seguros, 12% by JP Morgan International Capital and 12% by others. Alcoa was the managing partner. Rexam South America operates six aluminum can plants in Brazil, one in Chile and another in Argentina.
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