PHILADELPHIA - The European Commission has cleared the way for the merger that will create the largest packaging company in the world. On Nov. 14, the EC approved the acquisition of Paris-based CarnaudMetalbox by Crown Cork and Seal Co. Inc. of Philadelphia. Both firms have annual sales of nearly $5 billion, and make metal and plastic packaging, including PET soft drink bottles.
The commission reviewed the plans to resolve anti-competitive concerns over aerosol cans made by both. As a result of negotiations with the commission, after the merger is completed, the resulting company will sell en bloc several of its aerosol plants.
Crown Cork's shareholders will vote on the merger plan Dec. 19.