Exciting Prospects: Orora Explores Acquisition of Saverglass
In a significant development for the packaging industry, Australian packaging juggernaut Orora has officially initiated discussions regarding a potential acquisition of Saverglass, a renowned French manufacturer specializing in premium glass bottles. This prospective union holds the promise of reshaping the global packaging landscape.
Delicate Negotiations Underway
Orora’s pursuit of this strategic move is not without its complexities. Given the magnitude of this endeavor and the global reach of the target business, negotiations are expected to span several days. As a result, Orora has taken the prudent step of requesting a voluntary suspension of trading in its shares on the Australian stock market.
Share Trading on Hold
As of August 28, 2023, Orora’s shares have been placed on a trading halt, in accordance with the voluntary suspension request. The company has stipulated that this suspension will persist until the earlier of September 1, 2023, or until Orora decides to lift the voluntary suspension. This precautionary measure allows the company to navigate the intricate acquisition discussions with diligence.
Saverglass: A Premium Player
Saverglass Group, the prospective target of Orora’s acquisition ambitions, is renowned for its expertise in manufacturing and embellishing high-end glass bottles, primarily catering to the wine and spirits industry. Notably, the fiscal year 2022 saw Saverglass achieve remarkable total sales of EUR 786 million, underscoring its strong market presence and appeal.
Stay tuned for further updates as Orora navigates the path towards potential collaboration with Saverglass, a move that promises to redefine the packaging landscape on a global scale.
Source: Orora with additional information added by Apazone