29 January 1998: The UK conglomerate BTR has reportedly sent out letters to about 25 potential bidders for all or part of its packaging business, inviting first-round offers by 2 February, as a key pa…
29 January 1998: The UK conglomerate BTR has reportedly sent out letters to about 25 potential bidders for all or part of its packaging business, inviting first-round offers by 2 February, as a key part of BTR“s plan to dispose of businesses with sales of UK 2.8 billion. Despite rumours that US-based Owens Illinois is the favourite candidate for BTR“s UK glass bottling operation, a number of letters confirm that the group has not been given exclusive negotiating rights. Owens is supposedly anxious to “grab” BTR“s Rockware bottles business, and add it to its own UK company, United Glass. However, BTR is believed to be concerned that competition authorities may object to a combination which could give Owens Illinois 60% of the UK market. The group is also examining first-round bids for its US building products division, Metal Building Components.The value of BTR“s global packaging division, about half of which is based in Australia, has been put at around A$ 5 billion.