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Article: Bid by Rexam values rival firm at GBP 380m
- Article from:
- The Scotsman
- Article date:
- December 1, 1998
- Author:
CopyrightCopyright 1998 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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THE Rexam packaging group, which returned more than GBP 260
million to its shareholders earlier this year, has decided the time
is ripe to return to growth with the first major European takeover
bid to be engineered by its Swedish chief executive, Rolf Borjesson.
In a surprising move, the group has agreed to buy a 23 per cent
shareholding in the Malmo-based PLM group and has offered to buy out
other shareholders on terms which value the business at GBP 380
million.
Mr Borjesson, who was chief executive at PLM until 1996 and has
kept in touch with the company, indicated that he expected its
backing after agreeing the terms to buy out its biggest shareholder,
Industri Varden.
"Rexam is seeking ...