Ball gains conditional European regulatory approval of Rexam acquisition

BROOMFIELD — Ball Corp.  (NYSE: BLL) announced on Friday that has received conditional regulatory clearance from the European Commission of its pending acquisition of rival metal beverage can maker Rexam PLC.

The approval moves Broomfield-based Ball one step closer to completing a $6.64 billion acquisition first announced almost a year ago.

Last month, Ball received similar approval in Brazil, and Ball officials said Friday that the company expects to earn the remaining regulatory clearances needed to close the deal in the first half of this year.

As part of its clearance, the European commission is requiring that Ball divest eight of its own European can-manufacturing plants and two end plants, as well as two of London-based Rexam’s manufacturing plants. Ball must also divest certain support functions in Germany, the United Kingdom and Switzerland.

The combined company will operate Rexam’s remaining 13 manufacturing plants and two end plants in Europe, as well as three can plants and one end plant in Russia, and Ball’s manufacturing plants in France, Serbia and Poland.

Ball officials said they plan to move their European regional support office to Rexam’s U.K. location and will retain Rexam’s U.K. research and development center.

Ball shares remained mostly steady Friday, trading at $68.99 apiece by late afternoon, up 17 cents from the previous day’s close.

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