New Zealand's No 1 Rich Lister Graeme Hart has entered the bidding for a US company known for its rubbish bags. Mr Hart's Rank Group, the holding company for a worldwide string of packaging companies, is reported by Bloomberg to be in advanced talks
New Zealand’s No 1 Rich Lister Graeme Hart has entered the bidding for a US company known for its rubbish bags.
Mr Hart’s Rank Group, the holding company for a worldwide string of packaging companies, is reported by Bloomberg to be in advanced talks to take over Illinois-based Pactiv Corp.
Pactiv is best known in the US for its Hefty brand of rubbish bags but also manufactures disposable cookware, takeaway food containers and rubbish bins. The company employs 12,000 people.
Pactiv listed annual revenues of $US3.36 billion in 2009, with analysts predicting strong growth in the next five years. Capital IQ estimates revenue to rise to $US4.37 billion by 2014.
Mr Hart’s Rank Group is by no means certain to win the bidding, with Apollo Group Management and Koch Industries also in discussions with Pactiv.
Pactiv has a market valuation of $US4.11 billion, and takeover speculation has spurred its share price up 6.2% in after-hours trading.
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