Rexam stock jumps on talk of £200m sale deal

first_imgMonday 7 February 2011 7:55 pm SHARES in Rexam soared yesterday after the British can maker confirmed plans to sell its beverage and specialties arm in a deal that could be worth £200m. The shares rose nearly five per cent in early trading, before closing the day up 3.4 per cent from Friday’s close at 368.9p.Rexam is believed to have appointed Barclays Capital as advisers on the deal, and final bids for the business unit – which makes lids for drink and food containers – are expected this week. Bankers have long said Rexam is an attractive target for takeover. A Rexam spokesman said that the company was considering options for the unit.Rexam was the top FTSE 100 climber just ten days ago when its stock rose following news that it had completed contract negotiations in North America, and signed a long-term contract with its largest Brazilian customer. Following the completion of these negotiations the company forecast that overall operating profit in its Beverage Can North America division in 2011 is expected to remain comparable to that in 2010, as improved pricing, new customers, continued growth in specialty cans and further cost control initiatives will offset the impact of lower net 12 ounce volumes. As a result of the negotiations, Rexam has diversified the customer base for all can sizes and has signed medium-term contracts to recover most of the 2011 volume loss by 2013. The company is scheduled to release its preliminary results for 2010 on 23 February.In a trading update from November, chief executive Graham Chipchase said the company expected its results in the second half of 2010 to be similar to those of the first. Share KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Rexam stock jumps on talk of £200m sale deal whatsappcenter_img whatsapp Show Comments ▼ Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmlast_img read more