The maker of cans for White Claw strikes an $8.5 billion spinoff deal. [The New York Times]
Last ardagh group sa earnings: 4/23 07:00 am
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The company that makes the aluminum cans used by LaCroix, White Claw and other beverage giants is spinning off that business in a deal that values the new company at $8.5 billion, according to several people with knowledge of the plan.The deal by Ardagh Group, which is based in Luxembourg,It is a bet on the continued growth of the can business, as companies increasingly weigh the environmental consequences of their products. Nestléannounced the salerecycle than plastic bottles.The Gores SPAC, named Gores Holdings V, is the seventh such deal the group has done.Ardagh will retain a roughly 80 percent stake in the company after the deal. InvestorsArdagh generates more half its roughly $7 billion in annual sales from making cans for beverage companies. This past year, sales by the unit grew 2 percent, fueled by beverage sales and environmental awareness, while earnings before interest tax depreciation and amortization grew 8 percent. Ardagh will keep its glass packaging business.For bever
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- UPDATE 1-Ardagh Metal sells largest-ever green junk bond [Reuters]Reuters
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- Ardagh Group S.A. (<a href="https://www.marketbeat.com/stocks/NYSE/ARD/price-target/">NYSE: ARD</a>) had its price target raised by analysts at Barclays PLC from $18.00 to $23.00. They now have an "equal weight" rating on the stock.MarketBeat
- Ardagh Group S.A. (<a href="https://www.marketbeat.com/stocks/NYSE/ARD/price-target/">NYSE: ARD</a>) was upgraded by analysts at Wells Fargo & Company from an "underweight" rating to an "overweight" rating.MarketBeat
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