New Zealand billionaire Graeme Hart is being touted as a bidder for the $US4 billion ($NZ5.8 billion) packaging company Pactiv Corp.The Wall Street Journal reported Rank Group, which is wholly owned by Mr Hart, has joined the bidding for Pactiv Corp, whic
New Zealand billionaire Graeme Hart is being touted as a bidder for the $US4 billion ($NZ5.8 billion) packaging company Pactiv Corp.
The Wall Street Journal reported Rank Group, which is wholly owned by Mr Hart, has joined the bidding for Pactiv Corp, which makes a range of products, including packaging products for the food industry.
Mr Hart has built up a large position in the global beverage packing industry since buying New Zealand pulp and paper company Carter Holt Harvey from International Paper.
Pactiv Corp is a leader in the food packaging markets it serves, according to its website. It derives more than 80 percent of its sales from market sectors in which it holds the number one or number two market-share position.
Georgia-Pacific Corp is also rumoured to be a bidder for Pactiv Corp.
Mr Hart lives in Auckland and rarely comments on his extensive business interests. During a successful career in business the former tow truck driver has focused on building up number one or number two positions in markets he invests in.
Standard&Poor's Ratings Services this week placed Pactiv Corp's BBB corporate credit rating on creditwatch with negative implications on reports that the company is in talks with private equity firm Apollo Global Management on a potential buyout.
"If a leveraged buyout takes place, we expect to lower the ratings, potentially well into the speculative grade, depending upon the proposed capital structure. If no transaction occurs, we expect to affirm the ratings and remove them from CreditWatch," S&P said.
