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Ardagh out of running for Verallia

Ardagh has pulled out of the bidding race for a division of French industrial group Saint-Gobain.

Packaging giant Ardagh is believed to be among a number of firms that submitted first-round bids for Saint-Gobain’s Verallia glass packaging unit, which is expected to sell for up to EUR 3 billion.
However, it’s understood that Ardagh’s bid was lower than that of rival bidders, including private equity groups Blackstone and Apollo.
The deal would have been another transformational one for Ardagh, which is based in Luxembourg, but has its roots in Irish Glass.
Representatives for both Ardagh and Saint-Gobain have not commented.

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