Monday, June 11, 2007

Rexam raises 285.9 mln stg in placing for O-I Plastic buy


LONDON (Thomson Financial) - Rexam PLC said it has placed 58,354,700 new shares at 490 pence each, raising 285.9 mln stg before expenses, to part-fund the acquisition of O-I Plastic Products FTS Inc.

The beverage can maker announced this morning it would buy the US manufacturer of rigid plastic healthcare packaging for 1.8 bln usd cash.

Rexam had said it was funding the deal through a combination of a 500 mln stg bond issue, the 449 mln stg proceeds of the sale of its glass business and an equity placing of about 58.35 mln new shares, representing approximately 9.99 pct of its share capital prior to the placing.

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