Ball reports on Rexam buy
Ball says that it is still in talks for the purchase of Rexam, in its third quarter 2015 report. John Hayes, chairman, president and chief executive at Ball, says, “We continue to work on our proposed offer for Rexam PLC, including reaching agreement with our Brazilian joint venture partners for an exchange of Ball shares for the partners’ remaining interest in the joint venture. Conversations with regulators in Europe, Brazil, and the US continue, with a goal of securing necessary approvals to enable the acquisition to close in the first half of 2016, which is consistent with our prior communications.”
Ball’s net earnings attributable to the corporation were $44.5 million. Comparable earnings per diluted share for the third quarter and year to date 2015 were $1.10 and $2.67, respectively, versus third quarter and year to date 2014 comparable earnings per diluted share of $1.10 and $3.04, respectively.
Hayes notes, “Results from operations and global metal packaging volumes were in line with our expectations for the quarter. Foreign currency translation headwinds and project start up costs both continues, the impact of which totaled 11 cents in the third quarter and 45 cents year to date, including net aluminium premium impacts and director retirement costs.”